Cenovus Energy (NYSE:CVE) Downgraded by The Goldman Sachs Group to “Neutral”

The Goldman Sachs Group lowered shares of Cenovus Energy (NYSE:CVEGet Rating) (TSE:CVE) from a buy rating to a neutral rating in a research report released on Monday, Marketbeat.com reports. The Goldman Sachs Group currently has $23.00 price target on the oil and gas company’s stock.

CVE has been the subject of a number of other research reports. Credit Suisse Group reissued an outperform rating and issued a $37.00 target price on shares of Cenovus Energy in a report on Thursday, August 11th. Royal Bank of Canada lifted their target price on Cenovus Energy from C$31.00 to C$32.00 in a report on Thursday, November 3rd. Jefferies Financial Group began coverage on Cenovus Energy in a report on Wednesday, October 19th. They issued a buy rating for the company. National Bank Financial reduced their target price on Cenovus Energy from C$38.00 to C$36.00 in a report on Friday, September 30th. Finally, Scotiabank reduced their target price on Cenovus Energy from C$34.00 to C$33.00 in a report on Thursday, October 13th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $29.56.

Cenovus Energy Stock Down 1.3 %

CVE stock opened at $20.26 on Monday. Cenovus Energy has a twelve month low of $10.72 and a twelve month high of $24.91. The company has a quick ratio of 1.00, a current ratio of 1.55 and a debt-to-equity ratio of 0.32. The firm has a market cap of $38.88 billion, a PE ratio of 10.08 and a beta of 2.33. The business has a 50 day moving average of $18.77 and a 200 day moving average of $19.17.

Cenovus Energy Cuts Dividend

The company also recently disclosed a dividend, which will be paid on Friday, December 2nd. Investors of record on Friday, November 18th will be issued a $0.114 dividend. The ex-dividend date of this dividend is Thursday, November 17th. Cenovus Energy’s payout ratio is currently 14.93%.

Institutional Trading of Cenovus Energy

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Cenovus Energy by 2.1% in the third quarter. Vanguard Group Inc. now owns 41,530,265 shares of the oil and gas company’s stock worth $638,320,000 after acquiring an additional 869,663 shares during the period. TD Asset Management Inc. lifted its position in Cenovus Energy by 5.6% during the first quarter. TD Asset Management Inc. now owns 37,767,355 shares of the oil and gas company’s stock valued at $630,136,000 after purchasing an additional 1,990,194 shares in the last quarter. GQG Partners LLC purchased a new position in Cenovus Energy during the second quarter valued at $609,445,000. Capital World Investors lifted its position in Cenovus Energy by 30.0% during the first quarter. Capital World Investors now owns 28,481,746 shares of the oil and gas company’s stock valued at $474,791,000 after purchasing an additional 6,570,038 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its position in Cenovus Energy by 39.6% during the first quarter. Mackenzie Financial Corp now owns 23,039,719 shares of the oil and gas company’s stock valued at $384,672,000 after purchasing an additional 6,540,231 shares in the last quarter. Institutional investors own 50.30% of the company’s stock.

About Cenovus Energy

(Get Rating)

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada, the United States, and the Asia Pacific region. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, U.S. Manufacturing, and Retail segments.

Further Reading

Analyst Recommendations for Cenovus Energy (NYSE:CVE)

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