BMO Capital Markets Cuts Cenovus Energy (NYSE:CVE) Price Target to $28.00

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its target price cut by BMO Capital Markets from $31.00 to $28.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an outperform rating on the oil and gas company’s stock.

CVE has been the topic of a number of other reports. StockNews.com upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Scotiabank dropped their price target on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Finally, TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Cenovus Energy Stock Down 2.5 %

Shares of CVE stock opened at $15.67 on Friday. Cenovus Energy has a 1 year low of $14.69 and a 1 year high of $21.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.66. The business’s fifty day moving average is $17.20 and its 200-day moving average is $18.86. The stock has a market cap of $28.67 billion, a PE ratio of 10.81 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). Cenovus Energy had a return on equity of 12.87% and a net margin of 6.72%. The firm had revenue of $10.88 billion for the quarter, compared to analyst estimates of $9.78 billion. Equities analysts expect that Cenovus Energy will post 1.67 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.133 per share. This represents a $0.53 annualized dividend and a yield of 3.40%. This is a positive change 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 Investors Weigh In On Cenovus Energy

A number of institutional investors have recently bought and sold shares of the business. Capital International Investors lifted its stake in Cenovus Energy by 216.3% in the first quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company’s stock valued at $678,250,000 after acquiring an additional 23,202,018 shares during the last quarter. Boston Partners lifted its position in shares of Cenovus Energy by 29.0% in the first quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock worth $750,435,000 after buying an additional 8,438,979 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Cenovus Energy by 22,396.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 7,429,036 shares of the oil and gas company’s stock valued at $146,054,000 after acquiring an additional 7,396,013 shares during the last quarter. 1832 Asset Management L.P. raised its stake in shares of Cenovus Energy by 81.1% in the 2nd 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 acquiring an additional 5,613,320 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in Cenovus Energy by 32,791.8% in the 2nd quarter. Acadian Asset Management LLC now owns 4,440,391 shares of the oil and gas company’s stock worth $87,246,000 after purchasing an additional 4,426,891 shares during the last quarter. 51.19% of the stock is currently 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.