BMO Capital Markets Cuts Cenovus Energy (NYSE:CVE) Price Target to $31.00

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its target price reduced by BMO Capital Markets from $33.00 to $31.00 in a report issued on Friday morning, Benzinga reports. They currently have an outperform rating on the oil and gas company’s stock.

Several other equities research analysts also recently issued reports on the stock. TD Securities downgraded shares of Cenovus Energy from a strong-buy rating to a hold rating in a research note on Tuesday, October 1st. StockNews.com lowered shares of Cenovus Energy from a buy rating to a hold rating in a research note on Monday, September 30th. Finally, Scotiabank dropped their price objective on Cenovus Energy from $35.00 to $34.00 and set a sector outperform rating on the stock in a research note on Friday, July 12th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $30.75.

Cenovus Energy Trading Up 2.4 %

NYSE:CVE opened at $18.27 on Friday. Cenovus Energy has a 12-month low of $14.69 and a 12-month high of $21.90. The stock has a fifty day moving average price of $17.96 and a 200 day moving average price of $19.35. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25. The firm has a market cap of $33.97 billion, a PE ratio of 10.15 and a beta of 2.04.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data 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 company had revenue of $10.88 billion for the quarter, compared to analysts’ expectations of $9.78 billion. Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. Sell-side analysts anticipate that Cenovus Energy will post 1.84 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a dividend of $0.132 per share. The ex-dividend date was Friday, September 13th. This represents a $0.53 annualized dividend and a yield of 2.89%. Cenovus Energy’s dividend payout ratio is currently 29.44%.

Institutional Trading of Cenovus Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. SVB Wealth LLC raised 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 valued at $394,000 after buying an additional 507 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Cenovus Energy by 8.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after acquiring an additional 643 shares in the last quarter. Cetera Advisors LLC raised its holdings in shares of Cenovus Energy by 5.2% during the 1st quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock worth $327,000 after buying an additional 801 shares in the last quarter. Gold Investment Management Ltd. increased its position in Cenovus Energy by 4.6% during the 1st quarter. Gold Investment Management Ltd. now owns 18,881 shares of the oil and gas company’s stock worth $378,000 after purchasing an additional 833 shares in the last quarter. Finally, Wahed Invest LLC boosted its stake in shares of Cenovus Energy by 10.4% during the fourth quarter. Wahed Invest LLC now owns 10,563 shares of the oil and gas company’s stock valued at $177,000 after purchasing an additional 995 shares in the last quarter. 51.19% of the stock is owned by 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.