Cenovus Energy (NYSE:CVE) Downgraded to Hold Rating by StockNews.com

StockNews.com downgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a buy rating to a hold rating in a report released on Tuesday.

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

Cenovus Energy Price Performance

CVE stock opened at $14.35 on Tuesday. 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 has a 52-week low of $14.32 and a 52-week high of $21.90. The company has a market capitalization of $26.19 billion, a P/E ratio of 9.90 and a beta of 2.02. The company has a fifty day moving average price of $16.00 and a 200-day moving average price of $17.70.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS 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 the consensus estimate of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The business’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.72 EPS. As a group, equities analysts expect that Cenovus Energy will post 1.48 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.133 per share. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio is 36.55%.

Institutional Trading of Cenovus Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Truvestments Capital LLC acquired a new stake in Cenovus Energy in the third quarter valued at approximately $25,000. Blue Trust Inc. lifted its holdings in shares of Cenovus Energy by 640.3% in the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 2,651 shares in the last quarter. SevenBridge Financial Group LLC acquired a new stake in Cenovus Energy in the 3rd quarter valued at $162,000. Northwestern Mutual Wealth Management Co. increased its stake in Cenovus Energy by 8.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after purchasing an additional 643 shares in the last quarter. Finally, FCG Investment Co acquired a new position in Cenovus Energy during the third quarter worth $211,000. 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.