Cenovus Energy (NYSE:CVE) Shares Gap Down – What’s Next?

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $16.90, but opened at $16.32. Cenovus Energy shares last traded at $16.38, with a volume of 809,102 shares.

Analyst Ratings Changes

A number of research analysts have weighed in on CVE shares. TD Securities lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. StockNews.com upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a report on Monday. Scotiabank lowered their target price on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Finally, BMO Capital Markets reduced their price target on Cenovus Energy from $33.00 to $31.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $30.75.

Cenovus Energy Trading Down 1.1 %

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 capitalization of $30.15 billion, a price-to-earnings ratio of 8.86 and a beta of 2.04. The business’s 50-day moving average price is $17.37 and its two-hundred day moving average price is $18.95.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted 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). The company had revenue of $10.88 billion for the quarter, compared to the consensus estimate of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. Research analysts predict that Cenovus Energy Inc. will post 1.84 earnings per share for the current year.

Cenovus Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.132 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.53 annualized dividend and a yield of 3.20%. Cenovus Energy’s dividend payout ratio is 28.49%.

Hedge Funds Weigh In On Cenovus Energy

Hedge funds have recently bought and sold shares of the company. Capital International Investors increased 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 grew its position in 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 valued at $750,435,000 after acquiring an additional 8,438,979 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Cenovus Energy by 22,396.6% during the second quarter. Assenagon Asset Management S.A. now owns 7,429,036 shares of the oil and gas company’s stock worth $146,054,000 after acquiring an additional 7,396,013 shares in the last quarter. 1832 Asset Management L.P. lifted its holdings in shares of Cenovus Energy by 81.1% in the second quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock worth $246,507,000 after acquiring an additional 5,613,320 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its stake in shares of 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 valued at $87,246,000 after purchasing an additional 4,426,891 shares in the last quarter. 51.19% of the stock is owned by institutional investors.

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.