Cenovus Energy Inc (NYSE:CVE) (TSE:CVE)’s share price dropped 6% during trading on Thursday . The stock traded as low as $7.58 and last traded at $7.65. Approximately 5,221,451 shares were traded during mid-day trading, an increase of 27% from the average daily volume of 4,102,790 shares. The stock had previously closed at $8.14.

CVE has been the topic of several recent analyst reports. CIBC reissued a “buy” rating on shares of Cenovus Energy in a report on Thursday, November 22nd. Morgan Stanley decreased their target price on shares of Cenovus Energy from $17.00 to $15.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 20th. Canaccord Genuity reissued a “hold” rating on shares of Cenovus Energy in a report on Tuesday, October 16th. Goldman Sachs Group lowered shares of Cenovus Energy from a “neutral” rating to a “sell” rating in a report on Friday, September 7th. Finally, Zacks Investment Research reissued a “buy” rating and issued a $9.25 target price on shares of Cenovus Energy in a report on Tuesday, November 13th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $12.65.

The firm has a market cap of $10.00 billion, a PE ratio of -382.50 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 1.26.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Wednesday, October 31st. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.32). The company had revenue of $4.70 billion for the quarter, compared to the consensus estimate of $4.44 billion. Cenovus Energy had a negative net margin of 3.15% and a negative return on equity of 9.58%. On average, equities analysts predict that Cenovus Energy Inc will post -0.67 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 14th will be issued a dividend of $0.0382 per share. The ex-dividend date is Thursday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.04. This represents a $0.15 annualized dividend and a dividend yield of 2.00%. Cenovus Energy’s payout ratio is -750.00%.

Institutional investors have recently made changes to their positions in the stock. Blume Capital Management Inc. grew its holdings in shares of Cenovus Energy by 375.5% during the 3rd quarter. Blume Capital Management Inc. now owns 10,181 shares of the oil and gas company’s stock valued at $102,000 after purchasing an additional 8,040 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Cenovus Energy during the 2nd quarter valued at approximately $223,000. United Services Automobile Association grew its holdings in shares of Cenovus Energy by 46.5% during the 2nd quarter. United Services Automobile Association now owns 21,948 shares of the oil and gas company’s stock valued at $228,000 after purchasing an additional 6,969 shares during the last quarter. Natixis bought a new stake in shares of Cenovus Energy during the 2nd quarter valued at approximately $230,000. Finally, Fort Washington Investment Advisors Inc. OH acquired a new stake in Cenovus Energy during the 3rd quarter worth approximately $256,000. 75.33% of the stock is currently owned by institutional investors.

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About Cenovus Energy (NYSE:CVE)

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.

See Also: Debt-To-Equity Ratio

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