Cenovus Energy (NYSE:CVE) Lowered to Hold Rating by StockNews.com

StockNews.com cut shares of Cenovus Energy (NYSE:CVE - Free Report) TSE: CVE from a buy rating to a hold rating in a research report sent to investors on Tuesday.

Several other analysts have also issued reports on CVE. TD Securities lowered shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 1st. BMO Capital Markets lowered their target price 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 investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $30.00.

Cenovus Energy Stock Performance

CVE stock traded down $0.09 during midday trading on Tuesday, hitting $14.77. The company's stock had a trading volume of 8,351,635 shares, compared to its average volume of 8,802,271. The stock has a market cap of $26.95 billion, a price-to-earnings ratio of 10.18 and a beta of 2.02. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The stock's 50-day moving average price is $16.13 and its 200 day moving average price is $17.74. Cenovus Energy has a 1 year low of $14.55 and a 1 year high of $21.90.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The business had revenue of $14.20 billion during the quarter, compared to analyst estimates of $10.25 billion. During the same period in the prior year, the company earned $0.72 earnings per share. Cenovus Energy's revenue was down 17.9% compared to the same quarter last year. On average, equities analysts forecast that Cenovus Energy will post 1.48 EPS for the current year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.133 per share. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.53 annualized dividend and a yield of 3.60%. Cenovus Energy's dividend payout ratio (DPR) is currently 36.55%.

Hedge Funds Weigh In On Cenovus Energy

A number of institutional investors have recently added to or reduced their stakes in the business. Smead Capital Management Inc. grew its stake in shares of Cenovus Energy by 39.3% during the third quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company's stock valued at $257,831,000 after buying an additional 4,351,960 shares during the last quarter. 1832 Asset Management L.P. grew its position in Cenovus Energy by 81.1% during the 2nd 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 increased its stake in 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 worth $219,897,000 after purchasing an additional 562,663 shares during the period. Ninepoint Partners LP lifted its position in Cenovus Energy by 19.0% in the second 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 boosted its stake in shares of Cenovus Energy by 9.7% during the third quarter. Geode Capital Management LLC now owns 6,413,919 shares of the oil and gas company's stock valued at $109,232,000 after purchasing an additional 568,732 shares during the period. 51.19% of the stock is currently 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.