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

StockNews.com downgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a buy rating to a hold rating in a research report sent to investors on Monday.

Separately, Scotiabank cut their price target on shares of Cenovus Energy from $35.00 to $34.00 and set a sector outperform rating on the stock in a report on Friday, July 12th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Cenovus Energy presently has an average rating of Moderate Buy and a consensus target price of $30.67.

Cenovus Energy Stock Up 0.3 %

Shares of CVE opened at $17.22 on Monday. Cenovus Energy has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The company’s fifty day moving average is $18.07 and its two-hundred day moving average is $19.38. The firm has a market cap of $32.02 billion, a PE ratio of 9.57 and a beta of 2.05. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.13). The firm had revenue of $10.88 billion for the quarter, compared to analyst estimates of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. Analysts forecast that Cenovus Energy will post 1.84 earnings per share for the current year.

Cenovus Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.132 per share. This represents a $0.53 annualized dividend and a yield of 3.07%. The ex-dividend date was Friday, September 13th. Cenovus Energy’s dividend payout ratio (DPR) is presently 29.44%.

Institutional Trading of Cenovus Energy

A number of hedge funds have recently made changes to their positions in CVE. Atria Investments Inc purchased a new position in Cenovus Energy in the first quarter valued at about $1,482,000. Manning & Napier Advisors LLC acquired a new stake in shares of Cenovus Energy during the second quarter worth approximately $2,946,000. International Assets Investment Management LLC grew its position in shares of Cenovus Energy by 39.9% during the first quarter. International Assets Investment Management LLC now owns 35,767 shares of the oil and gas company’s stock worth $719,000 after buying an additional 10,200 shares in the last quarter. M&G Plc increased its stake in shares of Cenovus Energy by 2.4% in the second quarter. M&G Plc now owns 3,496,370 shares of the oil and gas company’s stock worth $69,013,000 after buying an additional 82,840 shares during the last quarter. Finally, Bornite Capital Management LP raised its holdings in Cenovus Energy by 47.6% in the fourth quarter. Bornite Capital Management LP now owns 3,025,100 shares of the oil and gas company’s stock valued at $50,368,000 after acquiring an additional 975,100 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

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.