Morgan Stanley lowered shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) from an overweight rating to an equal weight rating in a research note published on Wednesday, July 19th, MarketBeat reports.
Several other equities research analysts also recently weighed in on the company. Credit Suisse Group reissued an outperform rating on shares of Cenovus Energy in a report on Friday, May 26th. TD Securities raised Cenovus Energy from a hold rating to a buy rating in a report on Friday, March 24th. Canaccord Genuity reissued a hold rating and set a $16.50 price objective on shares of Cenovus Energy in a report on Wednesday, April 26th. Zacks Investment Research downgraded Cenovus Energy from a buy rating to a hold rating in a report on Monday, May 1st. Finally, ValuEngine downgraded Cenovus Energy from a hold rating to a sell rating in a report on Friday, June 2nd. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company. Cenovus Energy has a consensus rating of Hold and an average target price of $17.34.
Shares of Cenovus Energy (NYSE CVE) traded up 0.38% during trading on Wednesday, reaching $8.01. The company had a trading volume of 3,136,844 shares. The stock has a 50 day moving average price of $7.65 and a 200 day moving average price of $10.25. Cenovus Energy has a 12 month low of $6.76 and a 12 month high of $16.82. The firm has a market capitalization of $9.84 billion, a PE ratio of 3.38 and a beta of 0.57.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Thursday, July 27th. The oil and gas company reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.24. Cenovus Energy had a return on equity of 3.20% and a net margin of 17.89%. The company had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $3.40 billion. During the same quarter last year, the business posted ($0.05) EPS. On average, equities research analysts forecast that Cenovus Energy will post $0.37 EPS for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a $0.039 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 1.95%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.04. The ex-dividend date of this dividend is Thursday, September 14th. Cenovus Energy’s payout ratio is presently 8.33%.
A number of hedge funds have recently modified their holdings of CVE. Acadian Asset Management LLC raised its stake in shares of Cenovus Energy by 51.6% in the first quarter. Acadian Asset Management LLC now owns 13,800 shares of the oil and gas company’s stock worth $156,000 after buying an additional 4,700 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co raised its stake in shares of Cenovus Energy by 112.0% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 440,500 shares of the oil and gas company’s stock worth $4,981,000 after buying an additional 232,716 shares in the last quarter. Korea Investment CORP raised its stake in shares of Cenovus Energy by 258.9% in the first quarter. Korea Investment CORP now owns 890,170 shares of the oil and gas company’s stock worth $10,045,000 after buying an additional 642,170 shares in the last quarter. Candriam Luxembourg S.C.A. raised its stake in shares of Cenovus Energy by 10.9% in the first quarter. Candriam Luxembourg S.C.A. now owns 22,361 shares of the oil and gas company’s stock worth $252,000 after buying an additional 2,200 shares in the last quarter. Finally, Beutel Goodman & Co Ltd. raised its stake in shares of Cenovus Energy by 5.0% in the first quarter. Beutel Goodman & Co Ltd. now owns 45,403,489 shares of the oil and gas company’s stock worth $512,963,000 after buying an additional 2,152,330 shares in the last quarter. 55.90% of the stock is owned by institutional investors and hedge funds.
Cenovus Energy Company Profile
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