Cenovus Energy (NYSE:CVE) Given New $28.00 Price Target at BMO Capital Markets

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its price target decreased by BMO Capital Markets from $31.00 to $28.00 in a report released on Friday morning, Benzinga reports. BMO Capital Markets currently has an outperform rating on the oil and gas company’s stock.

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

Cenovus Energy Trading Down 2.5 %

CVE traded down $0.40 during mid-day trading on Friday, reaching $15.67. The stock had a trading volume of 8,905,917 shares, compared to its average volume of 8,899,069. The firm’s fifty day simple moving average is $17.20 and its two-hundred day simple moving average is $18.88. 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 stock has a market capitalization of $28.67 billion, a P/E ratio of 8.42 and a beta of 2.04. Cenovus Energy has a 52 week low of $14.69 and a 52 week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. The company had revenue of $10.88 billion for the quarter, compared to analyst estimates of $9.78 billion. On average, equities analysts predict that Cenovus Energy will post 1.67 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. Stockholders of record on Friday, December 13th will be given a $0.133 dividend. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date is Friday, December 13th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s payout ratio is presently 28.49%.

Institutional Trading of Cenovus Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. raised its position in shares of Cenovus Energy by 640.3% in the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock valued at $51,000 after buying an additional 2,651 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Cenovus Energy by 8.0% in 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 acquiring an additional 643 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Cenovus Energy during the 1st quarter valued at $205,000. Everpar Advisors LLC acquired a new stake in shares of Cenovus Energy during the 2nd quarter worth $211,000. Finally, FCG Investment Co bought a new position in shares of Cenovus Energy in the third quarter worth $211,000. 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.