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

StockNews.com cut shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a buy rating to a hold rating in a research report report published on Tuesday morning.

Other research analysts have also issued reports about the company. Scotiabank cut their target price on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. Finally, BMO Capital Markets decreased their target price on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Cenovus Energy Stock Down 1.4 %

CVE opened at $16.11 on Tuesday. Cenovus Energy has a 12 month low of $14.69 and a 12 month high of $21.90. The business has a 50-day moving average of $16.94 and a two-hundred day moving average of $18.72. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The stock has a market capitalization of $29.47 billion, a price-to-earnings ratio of 11.11 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results 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. 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 for the quarter, compared to analysts’ expectations of $10.25 billion. During the same period last year, the company earned $0.72 earnings per share. The company’s quarterly revenue was down 17.9% on a year-over-year basis. On average, research analysts expect that Cenovus Energy will post 1.63 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.133 per share. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a dividend yield of 3.30%. The ex-dividend date is Friday, December 13th. Cenovus Energy’s dividend payout ratio (DPR) is presently 36.55%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. First Trust Direct Indexing L.P. purchased a new stake in Cenovus Energy during the 1st quarter worth $215,000. Daiwa Securities Group Inc. purchased a new stake in shares of Cenovus Energy during the first quarter worth about $356,000. Mediolanum International Funds Ltd acquired a new position in shares of Cenovus Energy in the first quarter worth about $680,000. Signaturefd LLC boosted its holdings in Cenovus Energy by 13.2% in the first quarter. Signaturefd LLC now owns 44,901 shares of the oil and gas company’s stock valued at $898,000 after purchasing an additional 5,233 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. acquired a new stake in Cenovus Energy during the 1st quarter valued at approximately $205,000. 51.19% of the stock is 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.