StockNews.com Lowers Cenovus Energy (NYSE:CVE) to Hold

StockNews.com downgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a buy rating to a hold rating in a report released on Monday morning.

Separately, Scotiabank reduced their price target 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. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Cenovus Energy currently has a consensus rating of Moderate Buy and an average price target of $30.67.

Cenovus Energy Stock Performance

NYSE CVE opened at $17.22 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.00. The company has a market cap of $32.02 billion, a P/E ratio of 9.57 and a beta of 2.05. The stock has a 50-day moving average of $18.07 and a two-hundred day moving average of $19.38. Cenovus Energy has a 1-year low of $14.69 and a 1-year 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 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). The business had revenue of $10.88 billion during the quarter, compared to analyst estimates of $9.78 billion. Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. As a group, analysts anticipate that Cenovus Energy will post 1.84 EPS for the current year.

Cenovus Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a dividend of $0.132 per share. This represents a $0.53 annualized dividend and a yield of 3.07%. The ex-dividend date was Friday, September 13th. Cenovus Energy’s dividend payout ratio is presently 29.44%.

Institutional Investors Weigh In On Cenovus Energy

Several large investors have recently modified their holdings of CVE. Capital International Investors increased its stake in Cenovus Energy by 216.3% in the 1st quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company’s stock valued at $678,250,000 after buying an additional 23,202,018 shares during the period. Boston Partners increased its stake in shares of Cenovus Energy by 29.0% during the first quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock worth $750,435,000 after acquiring an additional 8,438,979 shares during the period. Capital World Investors raised its holdings in Cenovus Energy by 5.4% during the fourth quarter. Capital World Investors now owns 150,534,829 shares of the oil and gas company’s stock worth $2,508,185,000 after purchasing an additional 7,750,480 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Cenovus Energy by 22,396.6% in the second 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 purchasing an additional 7,396,013 shares during the period. Finally, 1832 Asset Management L.P. boosted its holdings in 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 purchasing an additional 5,613,320 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

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.