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

StockNews.com lowered shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a buy rating to a hold rating in a research note issued to investors on Tuesday.

Several other equities analysts also recently weighed in on CVE. BMO Capital Markets reduced their price target on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st. TD Securities lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Cenovus Energy presently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Stock Performance

Shares of CVE stock opened at $15.71 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. Cenovus Energy has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The stock has a 50 day moving average price of $16.68 and a two-hundred day moving average price of $18.25. The company has a market capitalization of $28.69 billion, a P/E ratio of 10.83 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The company had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $10.25 billion. During the same quarter in the prior year, the company earned $0.72 earnings per share. The firm’s revenue for the quarter was down 17.9% on a year-over-year basis. Analysts expect 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. Investors of record on Friday, December 13th will be paid a $0.133 dividend. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.53 dividend on an annualized basis and a yield of 3.39%. Cenovus Energy’s dividend payout ratio (DPR) is 36.55%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. SVB Wealth LLC lifted its stake in Cenovus Energy by 2.6% in the 1st quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company’s stock valued at $394,000 after buying an additional 507 shares in the last quarter. Tidal Investments LLC lifted its stake in Cenovus Energy by 29.4% during the first quarter. Tidal Investments LLC now owns 25,527 shares of the oil and gas company’s stock worth $510,000 after purchasing an additional 5,797 shares in the last quarter. SkyView Investment Advisors LLC acquired a new stake in shares of Cenovus Energy during the first quarter worth about $733,000. Wahed Invest LLC boosted its stake in shares of Cenovus Energy by 38.1% in the first quarter. Wahed Invest LLC now owns 14,589 shares of the oil and gas company’s stock valued at $292,000 after purchasing an additional 4,026 shares during the period. Finally, Virtu Financial LLC acquired a new position in Cenovus Energy during the 1st quarter worth $1,048,000. 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.