Cenovus Energy (NYSE:CVE) Lowered to “Hold” at TD Securities

TD Securities downgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a strong-buy rating to a hold rating in a report released on Tuesday, Zacks.com reports.

CVE has been the subject of several other reports. StockNews.com downgraded Cenovus Energy from a buy rating to a hold rating in a research report on Monday. Scotiabank dropped their price target on Cenovus Energy from $35.00 to $34.00 and set a sector outperform rating for the company in a research report on Friday, July 12th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Cenovus Energy presently has a consensus rating of Moderate Buy and a consensus price target of $30.67.

Cenovus Energy Stock Up 0.3 %

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

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates 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%. Analysts predict that Cenovus Energy will post 1.84 EPS for the current fiscal year.

Cenovus Energy Cuts Dividend

The business also recently disclosed 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 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Friday, September 13th. Cenovus Energy’s dividend payout ratio is presently 29.44%.

Institutional Trading of Cenovus Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Cenovus Energy by 4,319.1% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,218,376 shares of the oil and gas company’s stock worth $43,609,000 after buying an additional 2,168,176 shares during the last quarter. Truist Financial Corp boosted its stake in Cenovus Energy by 5.4% in the 2nd quarter. Truist Financial Corp now owns 82,313 shares of the oil and gas company’s stock worth $1,618,000 after buying an additional 4,208 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Cenovus Energy by 8.0% in 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 buying an additional 643 shares during the last quarter. Creative Planning boosted its stake in Cenovus Energy by 8.1% in the 2nd quarter. Creative Planning now owns 292,758 shares of the oil and gas company’s stock worth $5,756,000 after buying an additional 21,991 shares during the last quarter. Finally, SkyView Investment Advisors LLC boosted its stake in Cenovus Energy by 13.2% in the 2nd quarter. SkyView Investment Advisors LLC now owns 41,510 shares of the oil and gas company’s stock worth $816,000 after buying an additional 4,830 shares during 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.