Zacks Investment Research downgraded shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) from a buy rating to a hold rating in a report issued on Wednesday morning.

According to Zacks, “Cenovus Energy is an integrated oil company headquartered in Calgary, Alberta. The Company’s operations include their growing enhanced oil projects and established natural gas and crude oil production in Alberta and Saskatchewan. The Company has four top-quality enhanced oil projects: Foster Creek, Christina Lake, Pelican Lake and Weyburn. Foster Creek, Christina Lake and Pelican Lake are located in northeast Alberta, and Weyburn is in Saskatchewan. The Company also has ownership interest in two high-quality refineries in Illinois and Texas. Cenovus Energy’s ongoing objective is to advance technologies that reduce the amount of water, steam, natural gas and electricity used in their operations and to decrease surface land disturbance. “

A number of other brokerages have also issued reports on CVE. BidaskClub lowered shares of Cenovus Energy from a sell rating to a strong sell rating in a research note on Thursday, June 22nd. UBS AG lowered shares of Cenovus Energy from a market perform rating to an underperform rating in a research note on Wednesday, July 5th. Credit Suisse Group restated an outperform rating on shares of Cenovus Energy in a research note on Friday, May 26th. Raymond James Financial, Inc. lowered shares of Cenovus Energy from a market perform rating to an underperform rating in a research note on Wednesday, July 5th. Finally, Canaccord Genuity upgraded shares of Cenovus Energy from a hold rating to a buy rating in a research note on Wednesday, June 21st. Four analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $17.34.

Shares of Cenovus Energy (NYSE CVE) opened at 8.51 on Wednesday. Cenovus Energy has a 12-month low of $6.76 and a 12-month high of $16.82. The stock has a 50 day moving average of $7.54 and a 200-day moving average of $10.68. The company has a market capitalization of $9.48 billion, a PE ratio of 3.60 and a beta of 0.54.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $0.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.24. The company had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3.40 billion. Cenovus Energy had a net margin of 17.89% and a return on equity of 3.74%. During the same period in the prior year, the firm earned ($0.05) earnings per share. Analysts predict that Cenovus Energy will post $0.12 earnings per share for the current fiscal year.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.039 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 1.83%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.04. The ex-dividend date is Thursday, September 14th. Cenovus Energy’s dividend payout ratio is 8.33%.

Institutional investors have recently made changes to their positions in the stock. TD Asset Management Inc. increased its position in shares of Cenovus Energy by 46.9% in the first quarter. TD Asset Management Inc. now owns 40,979,115 shares of the oil and gas company’s stock worth $462,442,000 after buying an additional 13,092,198 shares during the period. FMR LLC increased its position in shares of Cenovus Energy by 33.0% in the first quarter. FMR LLC now owns 43,684,595 shares of the oil and gas company’s stock worth $494,381,000 after buying an additional 10,833,896 shares during the period. First Eagle Investment Management LLC increased its position in shares of Cenovus Energy by 25.6% in the first quarter. First Eagle Investment Management LLC now owns 31,675,743 shares of the oil and gas company’s stock worth $357,936,000 after buying an additional 6,448,369 shares during the period. Letko Brosseau & Associates Inc. increased its position in shares of Cenovus Energy by 43.3% in the first quarter. Letko Brosseau & Associates Inc. now owns 19,804,042 shares of the oil and gas company’s stock worth $223,728,000 after buying an additional 5,982,700 shares during the period. Finally, Pzena Investment Management LLC increased its position in shares of Cenovus Energy by 40.6% in the first quarter. Pzena Investment Management LLC now owns 19,032,719 shares of the oil and gas company’s stock worth $215,070,000 after buying an additional 5,494,952 shares during the period. 55.79% of the stock is owned by hedge funds and other institutional investors.

About Cenovus Energy

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Analyst Recommendations for Cenovus Energy (NYSE:CVE)

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