Tudor Pickering downgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning, Marketbeat reports.

Other equities analysts have also recently issued research reports about the company. ValuEngine upgraded Cenovus Energy from a sell rating to a hold rating in a report on Saturday, June 2nd. BMO Capital Markets upgraded Cenovus Energy from a market perform rating to an outperform rating and increased their target price for the stock from $15.00 to $17.00 in a report on Thursday, May 17th. Macquarie upgraded Cenovus Energy from an underperform rating to a neutral rating in a report on Wednesday, August 1st. Morgan Stanley raised their price objective on Cenovus Energy from $13.00 to $17.00 and gave the company an equal weight rating in a report on Wednesday, May 23rd. Finally, National Bank Financial upgraded Cenovus Energy from a sector perform overweight rating to an outperform overweight rating in a report on Thursday, May 31st. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. Cenovus Energy presently has an average rating of Hold and an average target price of $14.08.

CVE stock opened at $9.15 on Tuesday. The stock has a market cap of $12.20 billion, a price-to-earnings ratio of -457.50 and a beta of 0.66. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.17 and a quick ratio of 0.81. Cenovus Energy has a 1 year low of $7.09 and a 1 year high of $11.52.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, July 26th. The oil and gas company reported ($0.19) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.21). The firm had revenue of $4.67 billion for the quarter, compared to the consensus estimate of $4.25 billion. Cenovus Energy had a negative return on equity of 6.66% and a negative net margin of 2.56%. During the same quarter last year, the company posted $0.36 EPS. sell-side analysts forecast that Cenovus Energy will post -0.3 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be issued a $0.038 dividend. This represents a $0.15 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Thursday, September 13th. Cenovus Energy’s payout ratio is -750.00%.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Nomura Holdings Inc. grew its holdings in shares of Cenovus Energy by 119.5% in the 2nd quarter. Nomura Holdings Inc. now owns 35,282 shares of the oil and gas company’s stock valued at $366,000 after acquiring an additional 216,426 shares in the last quarter. Bank of Nova Scotia grew its holdings in shares of Cenovus Energy by 6.4% in the 2nd quarter. Bank of Nova Scotia now owns 3,775,862 shares of the oil and gas company’s stock valued at $39,058,000 after acquiring an additional 227,001 shares in the last quarter. Jafra Capital Management LP bought a new position in shares of Cenovus Energy in the 2nd quarter valued at about $2,605,000. Soros Fund Management LLC grew its holdings in shares of Cenovus Energy by 250.0% in the 2nd quarter. Soros Fund Management LLC now owns 1,750,000 shares of the oil and gas company’s stock valued at $18,165,000 after acquiring an additional 1,250,000 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Cenovus Energy in the 2nd quarter valued at about $223,000. Institutional investors own 73.64% of the company’s stock.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.

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