Cenovus Energy (CVE) Lowered to Strong Sell at ValuEngine
ValuEngine cut shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a sell rating to a strong sell rating in a report released on Thursday morning.
CVE has been the topic of several other reports. Zacks Investment Research lowered Cenovus Energy from a hold rating to a sell rating in a report on Monday, January 8th. AltaCorp Capital lowered Cenovus Energy from an outperform rating to a sector perform rating in a report on Thursday, November 9th. Desjardins reissued a hold rating on shares of Cenovus Energy in a report on Friday, January 12th. Finally, Scotiabank lowered Cenovus Energy from an outperform rating to a sector perform rating in a report on Wednesday, November 15th. Six research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $14.42.
Cenovus Energy (CVE) traded up $0.06 during mid-day trading on Thursday, reaching $7.60. The company’s stock had a trading volume of 379,860 shares, compared to its average volume of 4,359,089. The company has a quick ratio of 0.82, a current ratio of 1.13 and a debt-to-equity ratio of 0.48. The company has a market cap of $9,340.00, a PE ratio of 4.65, a price-to-earnings-growth ratio of 6.56 and a beta of 0.86. Cenovus Energy has a 1 year low of $6.76 and a 1 year high of $13.32.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be paid a $0.0398 dividend. The ex-dividend date is Wednesday, March 14th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.04. This represents a $0.16 annualized dividend and a yield of 2.09%. Cenovus Energy’s dividend payout ratio (DPR) is 9.82%.
A number of large investors have recently added to or reduced their stakes in the stock. Letko Brosseau & Associates Inc. boosted its stake in Cenovus Energy by 1.5% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 35,336,991 shares of the oil and gas company’s stock valued at $323,771,000 after buying an additional 535,652 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. boosted its stake in Cenovus Energy by 35.7% in the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 77,860 shares of the oil and gas company’s stock valued at $713,000 after buying an additional 20,500 shares in the last quarter. Halsey Associates Inc. CT acquired a new stake in Cenovus Energy in the fourth quarter valued at about $137,000. Lincluden Management Ltd. boosted its stake in Cenovus Energy by 15.9% in the fourth quarter. Lincluden Management Ltd. now owns 6,215,983 shares of the oil and gas company’s stock valued at $58,164,000 after buying an additional 851,985 shares in the last quarter. Finally, Jane Street Group LLC boosted its stake in Cenovus Energy by 327.4% in the fourth quarter. Jane Street Group LLC now owns 382,640 shares of the oil and gas company’s stock valued at $3,494,000 after buying an additional 293,120 shares in the last quarter. 75.28% of the stock is currently owned by institutional investors and hedge funds.
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Cenovus Energy Company Profile
Cenovus Energy Inc is a Canada-based integrated oil company. It operates in the business of developing, producing and marketing crude oil, Natural Gas Liquids (NGLs) and natural gas in Canada. The Company also conducts marketing activities and owns refining interests in the United States (U.S.). Its segments include: Oil Sands, which includes the development and production of bitumen and natural gas in northeast Alberta; Conventional, which includes the development and production of conventional crude oil, NGLs and natural gas in Alberta and Saskatchewan, including the heavy oil assets at Pelican Lake, the carbon dioxide (CO2) enhanced oil recovery (EOR) project at Weyburn and emerging tight oil opportunities; Refining and Marketing, which includes transporting and selling crude oil and natural gas and joint ownership of refineries in the U.S., as well as Corporate and Eliminations.
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