Cenovus Energy (NYSE:CVE) Reaches New 1-Year Low - Here's Why

Cenovus Energy Inc. (NYSE:CVE - Get Free Report) TSE: CVE shares reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $13.76 and last traded at $13.98, with a volume of 173224 shares trading hands. The stock had previously closed at $14.47.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CVE shares. BMO Capital Markets dropped their price target on Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating on the stock in a research note on Friday, November 1st. StockNews.com lowered Cenovus Energy from a "buy" rating to a "hold" rating in a research note on Saturday, December 28th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $28.00 price target on shares of Cenovus Energy in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price 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 stock has a market cap of $27.02 billion, a price-to-earnings ratio of 10.21 and a beta of 1.99. The stock has a fifty day moving average of $15.01 and a 200 day moving average of $16.57.

Institutional Investors Weigh In On Cenovus Energy

A number of institutional investors and hedge funds have recently modified their holdings of the company. Truvestments Capital LLC acquired a new position in Cenovus Energy in the third quarter valued at approximately $25,000. Blue Trust Inc. lifted its holdings in 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 valued at $51,000 after acquiring an additional 2,651 shares during the period. Sierra Ocean LLC acquired a new position in Cenovus Energy in the fourth quarter valued at approximately $67,000. SevenBridge Financial Group LLC acquired a new position in Cenovus Energy in the third quarter valued at approximately $162,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in 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 acquiring an additional 643 shares during the period. Institutional investors and hedge funds own 51.19% of the company's stock.

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.