BidaskClub Lowers Cenovus Energy Inc (NYSE:CVE) to Strong Sell
BidaskClub downgraded shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) from a sell rating to a strong sell rating in a report published on Thursday morning.
CVE has been the subject of several other reports. Zacks Investment Research downgraded shares of Cenovus Energy from a buy rating to a hold rating in a research note on Monday, May 1st. Canaccord Genuity reaffirmed a hold rating and set a $16.50 price objective on shares of Cenovus Energy in a research note on Wednesday, April 26th. Macquarie raised shares of Cenovus Energy from an underperform rating to a neutral rating in a research note on Thursday, March 30th. ValuEngine downgraded shares of Cenovus Energy from a hold rating to a sell rating in a research note on Friday, June 2nd. Finally, Barclays PLC reaffirmed an overweight rating and set a $22.00 price objective (up from $15.00) on shares of Cenovus Energy in a research note on Wednesday, July 12th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. The company has an average rating of Hold and an average price target of $17.34.
Shares of Cenovus Energy (NYSE:CVE) opened at 8.49 on Thursday. The firm has a market capitalization of $10.43 billion, a P/E ratio of 3.59 and a beta of 0.55. Cenovus Energy has a one year low of $6.76 and a one year high of $16.82. The firm’s 50-day moving average price is $7.54 and its 200-day moving average price is $10.68.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, July 27th. The oil and gas company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.03 by $0.24. The firm had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $3.40 billion. Cenovus Energy had a net margin of 17.89% and a return on equity of 3.20%. During the same period in the prior year, the firm posted ($0.05) earnings per share. On average, equities analysts forecast that Cenovus Energy will post $0.12 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.039 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.16 annualized dividend and a dividend yield of 1.83%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s payout ratio is currently 8.33%.
A number of large investors have recently made changes to their positions in CVE. Gateway Investment Advisers LLC boosted its stake in shares of Cenovus Energy by 0.5% in the second quarter. Gateway Investment Advisers LLC now owns 75,312 shares of the oil and gas company’s stock worth $555,000 after buying an additional 376 shares during the period. World Asset Management Inc boosted its stake in shares of Cenovus Energy by 1.4% in the first quarter. World Asset Management Inc now owns 51,918 shares of the oil and gas company’s stock worth $587,000 after buying an additional 695 shares during the period. Highstreet Asset Management Inc. boosted its stake in shares of Cenovus Energy by 2.3% in the first quarter. Highstreet Asset Management Inc. now owns 35,282 shares of the oil and gas company’s stock worth $399,000 after buying an additional 782 shares during the period. Neuberger Berman Group LLC boosted its stake in shares of Cenovus Energy by 7.4% in the first quarter. Neuberger Berman Group LLC now owns 12,992 shares of the oil and gas company’s stock worth $147,000 after buying an additional 900 shares during the period. Finally, Capstone Asset Management Co. boosted its stake in shares of Cenovus Energy by 1.6% in the second quarter. Capstone Asset Management Co. now owns 87,709 shares of the oil and gas company’s stock worth $646,000 after buying an additional 1,350 shares during the period. Institutional investors and hedge funds own 56.04% of the company’s stock.
Cenovus Energy Company Profile
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