Cenovus Energy (NYSE:CVE) Cut to “Hold” at StockNews.com

StockNews.com cut 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 morning.

Several other equities analysts have also recently weighed in on the company. BMO Capital Markets cut their price objective on 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 Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. Two investment 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Trading Up 1.5 %

NYSE CVE opened at $15.71 on Tuesday. Cenovus Energy has a twelve month low of $14.69 and a twelve month high of $21.90. The stock has a market cap of $28.69 billion, a price-to-earnings ratio of 10.83 and a beta of 2.05. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The firm’s 50 day moving average price is $16.68 and its two-hundred day moving average price is $18.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.34 by $0.08. The business had revenue of $14.20 billion for the quarter, compared to analysts’ expectations of $10.25 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. Cenovus Energy’s revenue was down 17.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.72 EPS. Equities analysts anticipate that Cenovus Energy will post 1.5 EPS 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. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a dividend yield of 3.39%. Cenovus Energy’s dividend payout ratio (DPR) is currently 36.55%.

Hedge Funds Weigh In On Cenovus Energy

Several institutional investors and hedge funds have recently modified their holdings of CVE. Truvestments Capital LLC acquired a new stake in shares of Cenovus Energy in the third quarter valued at approximately $25,000. Blue Trust Inc. grew its stake 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 worth $51,000 after purchasing an additional 2,651 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Cenovus Energy by 8.0% in the second 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 during the period. SevenBridge Financial Group LLC bought a new position in Cenovus Energy during the 3rd quarter worth approximately $162,000. Finally, Everpar Advisors LLC bought a new position in Cenovus Energy during the second quarter worth $211,000. 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.