Cenovus Energy (NYSE:CVE) Cut to “Hold” at StockNews.com

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

Other equities analysts have also issued reports about the stock. BMO Capital Markets dropped their price target on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. 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 Stock Down 2.2 %

Shares of NYSE CVE opened at $15.49 on Tuesday. The stock has a market cap of $28.29 billion, a P/E ratio of 10.64 and a beta of 2.05. The business’s fifty day simple moving average is $16.72 and its 200-day simple moving average is $18.30. Cenovus Energy has a 12-month low of $14.69 and a 12-month high of $21.90. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The firm had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. During the same period in the prior year, the firm earned $0.72 earnings per share. The business’s quarterly revenue was down 17.9% compared to the same quarter last year. As a group, equities analysts predict that Cenovus Energy will post 1.5 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently announced 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. The ex-dividend date is Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.43%. Cenovus Energy’s dividend payout ratio (DPR) is 36.55%.

Institutional Investors Weigh In On Cenovus Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. SkyView Investment Advisors LLC grew its holdings in shares of Cenovus Energy by 5.1% during the third quarter. SkyView Investment Advisors LLC now owns 43,632 shares of the oil and gas company’s stock worth $730,000 after buying an additional 2,122 shares during the last quarter. Virtu Financial LLC acquired a new stake in Cenovus Energy during the 3rd quarter worth approximately $408,000. TD Private Client Wealth LLC grew its stake in shares of Cenovus Energy by 3.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 40,194 shares of the oil and gas company’s stock valued at $672,000 after purchasing an additional 1,236 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Cenovus Energy by 9.7% in the third quarter. Geode Capital Management LLC now owns 6,413,919 shares of the oil and gas company’s stock valued at $109,232,000 after purchasing an additional 568,732 shares during the period. Finally, MidWestOne Financial Group Inc. purchased a new stake in shares of Cenovus Energy during the third quarter worth approximately $783,000. 51.19% of the stock is owned by hedge funds and other 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.