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 research note released on Tuesday morning.

Several other equities research analysts have also commented on the stock. BMO Capital Markets dropped their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. TD Securities cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Cenovus Energy has an average rating of “Moderate Buy” and an average target price of $30.00.

Cenovus Energy Trading Down 0.6 %

Shares of CVE opened at $14.77 on Tuesday. The firm’s 50-day moving average price is $16.13 and its 200-day moving average price is $17.74. The firm has a market capitalization of $26.95 billion, a price-to-earnings ratio of 10.18 and a beta of 2.02. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. Cenovus Energy has a 1-year low of $14.55 and a 1-year high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share 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 firm had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. During the same quarter in the previous year, the firm posted $0.72 EPS. The company’s revenue for the quarter was down 17.9% compared to the same quarter last year. Sell-side analysts anticipate that Cenovus Energy will post 1.48 EPS for the current 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 dividend of $0.133 per share. This represents a $0.53 annualized dividend and a dividend yield of 3.60%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date is Friday, December 13th. Cenovus Energy’s payout ratio is presently 36.55%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Smead Capital Management Inc. grew its position in Cenovus Energy by 39.3% during the third quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock valued at $257,831,000 after buying an additional 4,351,960 shares during the period. 1832 Asset Management L.P. grew its position in Cenovus Energy by 81.1% during the second quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock valued at $246,507,000 after buying an additional 5,613,320 shares during the period. Mackenzie Financial Corp grew its position in Cenovus Energy by 5.3% during the second quarter. Mackenzie Financial Corp now owns 11,186,227 shares of the oil and gas company’s stock valued at $219,897,000 after buying an additional 562,663 shares during the period. Ninepoint Partners LP grew its position in Cenovus Energy by 19.0% during the second quarter. Ninepoint Partners LP now owns 7,500,000 shares of the oil and gas company’s stock valued at $147,450,000 after buying an additional 1,200,000 shares during the period. Finally, Geode Capital Management LLC grew its position in Cenovus Energy by 9.7% during the third quarter. Geode Capital Management LLC now owns 6,413,919 shares of the oil and gas company’s stock valued at $109,232,000 after buying an additional 568,732 shares during the period. 51.19% of the stock is owned by hedge funds and other 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.