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

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.

A number of other research firms also recently weighed in on CVE. BMO Capital Markets dropped their price target on shares of 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 cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at $14.77 on Tuesday. The stock’s fifty day simple moving average is $16.13 and its 200 day simple moving average is $17.74. Cenovus Energy has a 12 month low of $14.55 and a 12 month high of $21.90. The company has a market capitalization of $26.95 billion, a PE ratio of 10.18 and a beta of 2.02. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $10.25 billion. During the same quarter last year, the company earned $0.72 EPS. Cenovus Energy’s revenue for the quarter was down 17.9% compared to the same quarter last year. On average, research analysts predict that Cenovus Energy will post 1.48 EPS for the current year.

Cenovus Energy Increases Dividend

The firm 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 $0.133 dividend. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date is Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio is currently 36.55%.

Institutional Investors Weigh In On Cenovus Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVE. Truvestments Capital LLC bought a new position in shares of Cenovus Energy during the 3rd quarter valued at approximately $25,000. Blue Trust Inc. lifted its stake in Cenovus Energy by 640.3% in the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 2,651 shares in the last quarter. SevenBridge Financial Group LLC purchased a new stake in shares of Cenovus Energy during the 3rd quarter valued at $162,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Cenovus Energy by 8.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after buying an additional 643 shares in the last quarter. Finally, FCG Investment Co purchased a new stake in shares of Cenovus Energy during the 3rd quarter valued at $211,000. Hedge funds and other institutional investors 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.