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

StockNews.com downgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a strong-buy rating to a buy rating in a research note released on Thursday.

CVE has been the topic of several other research reports. Raymond James upgraded shares of Cenovus Energy to a moderate buy rating in a report on Tuesday, May 28th. Morgan Stanley upped their target price on Cenovus Energy from $28.00 to $30.00 and gave the company an overweight rating in a research report on Thursday, March 28th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Cenovus Energy has a consensus rating of Buy and an average price target of $29.00.

Cenovus Energy Trading Down 0.1 %

Shares of CVE stock opened at $19.66 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.70 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $36.56 billion, a P/E ratio of 10.92 and a beta of 2.06. Cenovus Energy has a twelve month low of $14.69 and a twelve month high of $21.90. The stock’s fifty day simple moving average is $19.98 and its 200 day simple moving average is $18.47.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.11. The business had revenue of $9.94 billion during the quarter, compared to the consensus estimate of $9.98 billion. Cenovus Energy had a return on equity of 16.53% and a net margin of 8.73%. As a group, sell-side analysts predict that Cenovus Energy will post 2.04 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently disclosed a monthly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were issued a dividend of $0.0981 per share. This represents a $1.18 dividend on an annualized basis and a yield of 5.99%. The ex-dividend date of this dividend was Thursday, May 16th. Cenovus Energy’s dividend payout ratio is currently 28.89%.

Hedge Funds Weigh In On Cenovus Energy

A number of hedge funds have recently bought and sold shares of the company. SVB Wealth LLC grew its position in Cenovus Energy by 2.6% in the 1st quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company’s stock worth $394,000 after purchasing an additional 507 shares in the last quarter. Lindbrook Capital LLC lifted its holdings in Cenovus Energy by 17.6% during the first quarter. Lindbrook Capital LLC now owns 4,240 shares of the oil and gas company’s stock worth $85,000 after acquiring an additional 636 shares during the period. Fifth Third Bancorp boosted its position in Cenovus Energy by 80.3% in the first quarter. Fifth Third Bancorp now owns 1,453 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 647 shares during the last quarter. Spire Wealth Management grew its stake in Cenovus Energy by 41.9% in the 4th quarter. Spire Wealth Management now owns 2,305 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 681 shares during the period. Finally, Stratos Wealth Partners LTD. increased its position in shares of Cenovus Energy by 0.5% during the 4th quarter. Stratos Wealth Partners LTD. now owns 156,345 shares of the oil and gas company’s stock valued at $2,603,000 after purchasing an additional 774 shares during the last quarter. 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.