BMO Capital Markets Has Lowered Expectations for Cenovus Energy (NYSE:CVE) Stock Price

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its price target decreased by BMO Capital Markets from $31.00 to $28.00 in a research report released on Friday, Benzinga reports. BMO Capital Markets currently has an outperform rating on the oil and gas company’s stock.

A number of other analysts also recently weighed in on CVE. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. StockNews.com upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a report on Monday, October 28th. 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. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Trading Down 2.5 %

Cenovus Energy stock traded down $0.40 during trading hours on Friday, hitting $15.67. The stock had a trading volume of 8,905,917 shares, compared to its average volume of 8,899,069. The business’s 50 day simple moving average is $17.20 and its 200-day simple moving average is $18.88. Cenovus Energy has a one year low of $14.69 and a one year high of $21.90. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 0.25. The stock has a market cap of $28.67 billion, a price-to-earnings ratio of 8.42 and a beta of 2.04.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.13). The business had revenue of $10.88 billion during the quarter, compared to analyst estimates of $9.78 billion. Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. On average, equities analysts predict that Cenovus Energy will post 1.67 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.133 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.53 annualized dividend and a yield of 3.40%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio is presently 28.49%.

Institutional Investors Weigh In On Cenovus Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. Atria Investments Inc acquired a new stake in Cenovus Energy in the 1st quarter valued at $1,482,000. Manning & Napier Advisors LLC acquired a new position in shares of Cenovus Energy during the second quarter valued at about $2,946,000. M&G Plc increased its position in shares of Cenovus Energy by 2.4% during 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 acquiring an additional 82,840 shares in the last quarter. SkyView Investment Advisors LLC acquired a new stake in shares of Cenovus Energy in the 1st quarter worth about $733,000. Finally, Semanteon Capital Management LP bought a new position in Cenovus Energy in the 3rd quarter valued at about $845,000. Institutional investors own 51.19% of the company’s stock.

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.