Cenovus Energy Inc (CVE) Lowered to “Sector Perform” at Scotiabank
Scotiabank downgraded shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) from an outperform rating to a sector perform rating in a research note released on Wednesday, The Fly reports.
A number of other research firms have also weighed in on CVE. Morgan Stanley set a $15.00 price objective on Cenovus Energy and gave the company a buy rating in a research note on Friday, October 13th. Zacks Investment Research upgraded Cenovus Energy from a hold rating to a buy rating and set a $11.00 price objective for the company in a research note on Thursday, October 19th. Royal Bank Of Canada restated a buy rating and issued a $15.00 price target on shares of Cenovus Energy in a research note on Monday, October 16th. Canaccord Genuity restated a buy rating and issued a $14.50 price target on shares of Cenovus Energy in a research note on Monday, September 25th. Finally, BidaskClub upgraded Cenovus Energy from a strong sell rating to a sell rating in a research note on Wednesday, August 2nd. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $16.06.
Shares of Cenovus Energy (NYSE CVE) opened at $10.16 on Wednesday. Cenovus Energy has a 52-week low of $6.76 and a 52-week high of $16.82. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.10 and a current ratio of 1.41. The company has a market capitalization of $12,484.51, a PE ratio of 14.51, a price-to-earnings-growth ratio of 2.98 and a beta of 0.62.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a $0.039 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend is Thursday, December 14th. Cenovus Energy’s dividend payout ratio is presently 8.08%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Gateway Investment Advisers LLC lifted its holdings in 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 valued at $555,000 after acquiring an additional 376 shares during the last quarter. Intact Investment Management Inc. raised its position in Cenovus Energy by 0.4% in the second quarter. Intact Investment Management Inc. now owns 151,950 shares of the oil and gas company’s stock valued at $1,446,000 after purchasing an additional 600 shares during the period. Bank of Nova Scotia Trust Co. raised its position in Cenovus Energy by 2.6% in the second quarter. Bank of Nova Scotia Trust Co. now owns 28,366 shares of the oil and gas company’s stock valued at $209,000 after purchasing an additional 725 shares during the period. Capstone Asset Management Co. raised its position in 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 valued at $646,000 after purchasing an additional 1,350 shares during the period. Finally, Allegis Investment Advisors LLC increased its position in shares of Cenovus Energy by 16.9% during the second quarter. Allegis Investment Advisors LLC now owns 13,933 shares of the oil and gas company’s stock worth $103,000 after acquiring an additional 2,016 shares during the period. Hedge funds and other institutional investors own 54.01% of the company’s stock.
About Cenovus Energy
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