StockNews.com Downgrades Cenovus Energy (NYSE:CVE) to Hold

StockNews.com cut shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a buy rating to a hold rating in a research report report published on Tuesday morning.

Other equities research analysts also recently issued research reports about the company. TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. BMO Capital Markets lowered their price target on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Cenovus Energy has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $15.77 on Tuesday. The stock has a fifty day moving average of $16.65 and a 200-day moving average of $18.23. Cenovus Energy has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The stock has a market cap of $28.80 billion, a PE ratio of 10.83 and a beta of 2.05. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.08. The firm had revenue of $14.20 billion for the quarter, compared to analysts’ expectations of $10.25 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The business’s quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.72 earnings per share. Equities research analysts anticipate that Cenovus Energy will post 1.48 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.133 dividend. This represents a $0.53 annualized dividend and a dividend yield of 3.37%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 13th. Cenovus Energy’s dividend payout ratio (DPR) is presently 36.55%.

Institutional Trading of Cenovus Energy

A number of hedge funds have recently made changes to their positions in the stock. Boston Partners lifted its position in Cenovus Energy by 29.0% in the 1st quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock valued at $750,435,000 after acquiring an additional 8,438,979 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Cenovus Energy by 22,396.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 7,429,036 shares of the oil and gas company’s stock valued at $146,054,000 after purchasing an additional 7,396,013 shares during the period. 1832 Asset Management L.P. lifted its position in shares of Cenovus Energy by 81.1% in the second quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock valued at $246,507,000 after acquiring an additional 5,613,320 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in Cenovus Energy by 32,791.8% in the 2nd quarter. Acadian Asset Management LLC now owns 4,440,391 shares of the oil and gas company’s stock worth $87,246,000 after purchasing an additional 4,426,891 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Cenovus Energy by 2,236.1% in the second quarter. Canada Pension Plan Investment Board now owns 4,610,779 shares of the oil and gas company’s stock worth $90,608,000 after buying an additional 4,413,405 shares in the last quarter. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.