Cenovus Energy (NYSE:CVE) Lowered to Hold Rating by StockNews.com

StockNews.com downgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a buy rating to a hold rating in a report published on Saturday.

Other analysts also recently issued reports about the company. BMO Capital Markets decreased their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st. TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.00.

Cenovus Energy Price Performance

Shares of CVE opened at $14.83 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The stock has a market cap of $27.07 billion, a PE ratio of 10.23 and a beta of 2.02. Cenovus Energy has a 12-month low of $14.20 and a 12-month high of $21.90. The business has a 50-day simple moving average of $15.70 and a two-hundred day simple moving average of $17.48.

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

Cenovus Energy Increases Dividend

The firm also recently announced 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. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date is Friday, December 13th. Cenovus Energy’s payout ratio is presently 36.55%.

Hedge Funds Weigh In On Cenovus Energy

A number of institutional investors and hedge funds have recently modified their holdings of CVE. SkyView Investment Advisors LLC lifted its position in shares of Cenovus Energy by 5.1% during the 3rd quarter. SkyView Investment Advisors LLC now owns 43,632 shares of the oil and gas company’s stock valued at $730,000 after acquiring an additional 2,122 shares during the period. Virtu Financial LLC bought a new stake in Cenovus Energy in the third quarter valued at $408,000. TD Private Client Wealth LLC raised its holdings in shares of Cenovus Energy by 3.2% during the third quarter. TD Private Client Wealth LLC now owns 40,194 shares of the oil and gas company’s stock valued at $672,000 after purchasing an additional 1,236 shares during the period. Geode Capital Management LLC boosted its position in shares of Cenovus Energy by 9.7% during the 3rd quarter. Geode Capital Management LLC now owns 6,413,919 shares of the oil and gas company’s stock worth $109,232,000 after purchasing an additional 568,732 shares in the last quarter. Finally, MidWestOne Financial Group Inc. acquired a new stake in shares of Cenovus Energy in the 3rd quarter valued at about $783,000. 51.19% of the stock is currently owned by institutional investors.

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.