Cenovus Energy (NYSE:CVE) Reaches New 12-Month Low - What's Next?

Shares of Cenovus Energy Inc. (NYSE:CVE - Get Free Report) TSE: CVE reached a new 52-week low on Tuesday . The company traded as low as $14.60 and last traded at $14.69, with a volume of 731051 shares. The stock had previously closed at $14.86.

Analyst Upgrades and Downgrades

CVE has been the topic of several recent research reports. BMO Capital Markets cut their price target on Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating on the stock in a 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. Finally, StockNews.com lowered shares of Cenovus Energy from a "buy" rating to a "hold" rating in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Cenovus Energy presently has an average rating of "Moderate Buy" and a consensus price target of $30.00.

Cenovus Energy Price Performance

The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The company has a fifty day moving average of $16.19 and a 200-day moving average of $17.79. The firm has a market cap of $26.96 billion, a P/E ratio of 10.19 and a beta of 2.02.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its 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. 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 during the quarter, compared to the consensus estimate of $10.25 billion. During the same quarter in the prior year, the company posted $0.72 earnings per share. The firm's revenue for the quarter was down 17.9% on a year-over-year basis. On average, sell-side analysts anticipate that Cenovus Energy Inc. 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. Stockholders of record on Friday, December 13th will be paid a dividend of $0.133 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.53 annualized dividend and a dividend yield of 3.60%. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.13. Cenovus Energy's dividend payout ratio (DPR) is presently 36.55%.

Institutional Trading of Cenovus Energy

Several hedge funds have recently made changes to their positions in the company. SkyView Investment Advisors LLC grew its position in shares of Cenovus Energy by 5.1% in the third quarter. SkyView Investment Advisors LLC now owns 43,632 shares of the oil and gas company's stock valued at $730,000 after purchasing an additional 2,122 shares in the last quarter. Virtu Financial LLC purchased a new position in Cenovus Energy during the third quarter worth about $408,000. TD Private Client Wealth LLC grew its position in Cenovus Energy by 3.2% during the third quarter. TD Private Client Wealth LLC now owns 40,194 shares of the oil and gas company's stock worth $672,000 after buying an additional 1,236 shares in the last quarter. Geode Capital Management LLC increased its stake in Cenovus Energy by 9.7% in 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 acquiring an additional 568,732 shares during the last quarter. Finally, MidWestOne Financial Group Inc. purchased a new stake in shares of Cenovus Energy in the 3rd quarter valued at about $783,000. 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.