Cenovus Energy (NYSE:CVE) Sets New 12-Month Low – What’s Next?

Shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) hit a new 52-week low on Thursday . The stock traded as low as $10.23 and last traded at $12.02, with a volume of 22924487 shares trading hands. The stock had previously closed at $10.58.

Analyst Upgrades and Downgrades

CVE has been the topic of a number of recent analyst reports. National Bank Financial lowered Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, February 21st. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a research note on Wednesday, March 26th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $25.00 price objective on shares of Cenovus Energy in a research note on Friday. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Finally, StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a report on Saturday, December 28th. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $29.00.

Cenovus Energy Stock Up 2.6 %

The firm has a market capitalization of $20.76 billion, a PE ratio of 9.41 and a beta of 1.46. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The firm’s 50 day moving average price is $13.61 and its two-hundred day moving average price is $15.04.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, February 20th. The oil and gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.27). The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $11.08 billion. Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. As a group, research analysts forecast that Cenovus Energy Inc. will post 1.49 EPS for the current fiscal year.

Cenovus Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.1269 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 4.46%. Cenovus Energy’s dividend payout ratio (DPR) is 40.50%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Farther Finance Advisors LLC increased its position in Cenovus Energy by 104.9% in the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock worth $25,000 after buying an additional 851 shares during the period. Sierra Ocean LLC acquired a new position in shares of Cenovus Energy during the fourth quarter valued at $67,000. Blue Trust Inc. grew its position in shares of Cenovus Energy by 54.7% during the fourth quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock worth $72,000 after acquiring an additional 1,677 shares during the last quarter. Natixis acquired a new stake in shares of Cenovus Energy in the 4th quarter worth about $98,000. Finally, Black Maple Capital Management LP bought a new stake in Cenovus Energy in the 4th quarter valued at about $167,000. 51.19% of the stock is owned by institutional investors and hedge funds.

About Cenovus Energy

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.