StockNews.com Downgrades Cenovus Energy (NYSE:CVE) to Buy

StockNews.com cut shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a strong-buy rating to a buy rating in a research report sent to investors on Thursday.

Other research analysts have also issued reports about the stock. Morgan Stanley raised their price objective on shares of Cenovus Energy from $28.00 to $30.00 and gave the company an overweight rating in a research note on Thursday, March 28th. Raymond James upgraded Cenovus Energy to a moderate buy rating in a report on Tuesday, May 28th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Cenovus Energy has a consensus rating of Buy and a consensus target price of $29.00.

Cenovus Energy Stock Down 0.1 %

Shares of NYSE:CVE opened at $19.66 on Thursday. The business’s 50-day moving average is $19.98 and its 200-day moving average is $18.48. Cenovus Energy has a 1 year low of $14.69 and a 1 year high of $21.90. The company has a market capitalization of $36.56 billion, a price-to-earnings ratio of 10.92 and a beta of 2.06. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.70 and a quick ratio of 1.01.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.11. Cenovus Energy had a return on equity of 16.53% and a net margin of 8.73%. The firm had revenue of $9.94 billion for the quarter, compared to analysts’ expectations of $9.98 billion. Equities research analysts predict that Cenovus Energy will post 2.04 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The company also recently announced a monthly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were given a $0.0981 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 5.99%. The ex-dividend date of this dividend was Thursday, May 16th. Cenovus Energy’s dividend payout ratio is currently 28.89%.

Institutional Investors Weigh In On Cenovus Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale lifted its position in Cenovus Energy by 47.5% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 685,761 shares of the oil and gas company’s stock worth $13,536,000 after buying an additional 220,761 shares during the last quarter. Boston Partners increased its stake in Cenovus Energy by 29.0% in the 1st quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock worth $750,435,000 after purchasing an additional 8,438,979 shares during the period. Cetera Advisors LLC lifted its position in Cenovus Energy by 5.2% in the first quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock valued at $327,000 after purchasing an additional 801 shares during the last quarter. Atria Investments Inc purchased a new position in shares of Cenovus Energy in the first quarter worth $1,482,000. Finally, Virtu Financial LLC bought a new stake in Cenovus Energy during the 1st quarter valued at $1,048,000. 51.19% of the stock is owned by hedge funds and other 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.