By otakuyassine3@gmail.com 
StockNews.com downgraded shares of Cenovus Energy (NYSE:CVE – Free Report) (TSE:CVE) from a buy rating to a hold rating in a research note released on Tuesday morning.
Other research analysts have also issued reports about the company. TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. BMO Capital Markets decreased their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Cenovus Energy has an average rating of “Moderate Buy” and a consensus price target of $30.00.
Read Our Latest Analysis on CVE
Cenovus Energy Trading Down 0.9 %
NYSE CVE opened at $14.35 on Tuesday. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The stock has a 50 day moving average of $16.00 and a 200-day moving average of $17.70. Cenovus Energy has a 12 month low of $14.32 and a 12 month high of $21.90. The company has a market cap of $26.19 billion, a PE ratio of 9.90 and a beta of 2.02.
Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last issued its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The company had revenue of $14.20 billion for the quarter, compared to analysts’ expectations of $10.25 billion. During the same period in the prior year, the firm earned $0.72 EPS. Cenovus Energy’s quarterly revenue was down 17.9% compared to the same quarter last year. On average, equities research analysts anticipate that Cenovus Energy will post 1.48 EPS for the current fiscal year.
Cenovus Energy Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a $0.133 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.71%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio (DPR) is presently 36.55%.
Institutional Investors Weigh In On Cenovus Energy
Large investors have recently bought and sold shares of the company. Smead Capital Management Inc. lifted its holdings in shares of Cenovus Energy by 39.3% during the 3rd quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock worth $257,831,000 after acquiring an additional 4,351,960 shares during the period. 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. Mackenzie Financial Corp boosted its stake in shares of Cenovus Energy by 5.3% in the 2nd quarter. Mackenzie Financial Corp now owns 11,186,227 shares of the oil and gas company’s stock valued at $219,897,000 after purchasing an additional 562,663 shares in the last quarter. Ninepoint Partners LP grew its holdings in shares of Cenovus Energy by 19.0% during the 2nd quarter. Ninepoint Partners LP now owns 7,500,000 shares of the oil and gas company’s stock valued at $147,450,000 after purchasing an additional 1,200,000 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Cenovus Energy by 9.7% during the 3rd quarter. Geode Capital Management LLC now owns 6,413,919 shares of the oil and gas company’s stock worth $109,232,000 after purchasing an additional 568,732 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.
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.
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