Cenovus Energy (NYSE:CVE) Cut to “Hold” at StockNews.com

StockNews.com cut shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a buy rating to a hold rating in a research note released on Saturday.

Several other research firms have also issued reports on CVE. BMO Capital Markets reduced their price target on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Price Performance

Cenovus Energy stock opened at $14.83 on Friday. The business’s fifty day moving average is $15.70 and its two-hundred day moving average is $17.48. The firm has a market cap of $27.07 billion, a P/E ratio of 10.23 and a beta of 2.02. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. Cenovus Energy has a 52 week low of $14.20 and a 52 week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.08. The firm had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The business’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.72 EPS. Equities research analysts forecast that Cenovus Energy will post 1.48 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.133 dividend. This represents a $0.53 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio is presently 36.55%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Truvestments Capital LLC acquired a new stake in Cenovus Energy during the 3rd quarter valued at $25,000. Blue Trust Inc. lifted its position in Cenovus Energy by 640.3% during the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 2,651 shares during the period. SevenBridge Financial Group LLC bought a new stake in shares of Cenovus Energy during the 3rd quarter worth approximately $162,000. Northwestern Mutual Wealth Management Co. lifted its stake in Cenovus Energy by 8.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after purchasing an additional 643 shares during the last quarter. Finally, FCG Investment Co acquired a new stake in Cenovus Energy in the third quarter valued at about $211,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

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.