Cenovus Energy (NYSE:CVE) Trading Down 6% – Here’s What Happened

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE)’s share price fell 6% on Monday . The company traded as low as $26.32 and last traded at $26.5760. 1,542,180 shares were traded during mid-day trading, a decline of 88% from the average session volume of 12,495,899 shares. The stock had previously closed at $28.27.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CVE. Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a report on Thursday, May 7th. Zacks Research upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 22nd. Veritas upgraded shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. UBS Group restated a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Finally, Royal Bank Of Canada increased their price objective on shares of Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a research note on Tuesday, May 19th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Cenovus Energy presently has a consensus rating of “Buy” and a consensus target price of $35.25.

Cenovus Energy Price Performance

The stock has a fifty day moving average of $28.07 and a 200-day moving average of $22.93. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $50.13 billion, a P/E ratio of 14.73 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The firm had revenue of $10.79 billion for the quarter, compared to analyst estimates of $9.47 billion. During the same quarter in the prior year, the firm earned $0.47 EPS. The company’s revenue was up 1.0% on a year-over-year basis. Equities analysts predict that Cenovus Energy Inc will post 3.15 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.22 dividend. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.88 annualized dividend and a dividend yield of 3.3%. Cenovus Energy’s payout ratio is 32.42%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Financial Management Professionals Inc. acquired a new stake in shares of Cenovus Energy in the 4th quarter valued at approximately $25,000. Transamerica Financial Advisors LLC raised its position in shares of Cenovus Energy by 1,302.7% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 1,433 shares during the period. NBC Securities Inc. raised its position in shares of Cenovus Energy by 961.5% in the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 1,500 shares during the period. Kestra Advisory Services LLC acquired a new stake in shares of Cenovus Energy in the 4th quarter valued at approximately $38,000. Finally, Geneos Wealth Management Inc. raised its position in shares of Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after acquiring an additional 1,384 shares during the period. Institutional investors own 51.19% of the company’s stock.

About Cenovus Energy

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.