Cenovus Energy (NYSE:CVE) Price Target Lowered to $28.00 at BMO Capital Markets

Cenovus Energy (NYSE:CVE - Free Report) TSE: CVE had its target price trimmed by BMO Capital Markets from $31.00 to $28.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an outperform rating on the oil and gas company's stock.

Several other equities research analysts have also issued reports on CVE. Scotiabank dropped their price objective on shares of Cenovus Energy from $35.00 to $34.00 and set a "sector outperform" rating for the company in a research report on Friday, July 12th. TD Securities downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 1st. Finally, StockNews.com upgraded Cenovus Energy from a "hold" rating to a "buy" rating in a report on Monday. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $30.00.

Cenovus Energy Trading Down 2.5 %

Shares of NYSE CVE traded down $0.40 during trading on Friday, hitting $15.67. 8,904,119 shares of the company traded hands, compared to its average volume of 8,899,069. The firm has a market capitalization of $28.67 billion, a P/E ratio of 8.42 and a beta of 2.04. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average price of $17.20 and a 200-day moving average price of $18.88. Cenovus Energy has a 1 year low of $14.69 and a 1 year high of $21.90.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.13). The firm had revenue of $10.88 billion for the quarter, compared to analyst estimates of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. On average, equities analysts predict that Cenovus Energy will post 1.67 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $0.133 dividend. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date is Friday, December 13th. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.13. Cenovus Energy's dividend payout ratio is 28.49%.

Hedge Funds Weigh In On Cenovus Energy

Hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its position in shares of Cenovus Energy by 640.3% in the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company's stock worth $51,000 after buying an additional 2,651 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake 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. Envestnet Portfolio Solutions Inc. bought a new position in shares of Cenovus Energy during the first quarter valued at approximately $205,000. Everpar Advisors LLC acquired a new stake in shares of Cenovus Energy during the 2nd quarter worth approximately $211,000. Finally, FCG Investment Co acquired a new stake in shares of Cenovus Energy during the 3rd quarter worth approximately $211,000. Institutional investors and hedge funds own 51.19% of the company's stock.

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.