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 published on Tuesday morning.

A number of other analysts have also recently commented on CVE. BMO Capital Markets cut their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. TD Securities lowered 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’s stock. Based on data from MarketBeat, Cenovus Energy has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Cenovus Energy Stock Performance

Shares of NYSE CVE opened at $15.49 on Tuesday. The company has a market capitalization of $28.29 billion, a PE ratio of 10.64 and a beta of 2.05. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The company’s fifty day moving average price is $16.72 and its 200 day moving average price is $18.30. Cenovus Energy has a 1 year low of $14.69 and a 1 year high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted 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 analyst estimates of $10.25 billion. During the same period in the prior year, the company posted $0.72 EPS. The company’s revenue for the quarter was down 17.9% on a year-over-year basis. On average, research analysts predict that Cenovus Energy will post 1.5 earnings per share for the current year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a dividend of $0.133 per share. 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. This represents a $0.53 dividend on an annualized basis and a yield of 3.43%. Cenovus Energy’s payout ratio is 36.55%.

Hedge Funds Weigh In On Cenovus Energy

Several large investors have recently modified their holdings of the business. SVB Wealth LLC increased its position in shares of Cenovus Energy by 2.6% during the 1st quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company’s stock worth $394,000 after purchasing an additional 507 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of 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 valued at $170,000 after acquiring an additional 643 shares during the last quarter. Cetera Advisors LLC raised its stake in shares of Cenovus Energy by 5.2% in the 1st quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock valued at $327,000 after acquiring an additional 801 shares during the period. Wahed Invest LLC lifted its holdings in shares of Cenovus Energy by 5.6% in the 3rd quarter. Wahed Invest LLC now owns 16,489 shares of the oil and gas company’s stock worth $276,000 after acquiring an additional 875 shares during the last quarter. Finally, Harmony Asset Management LLC boosted its position in shares of Cenovus Energy by 8.1% during the 3rd quarter. Harmony Asset Management LLC now owns 13,400 shares of the oil and gas company’s stock worth $224,000 after purchasing an additional 1,000 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

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.