Cenovus Energy (NYSE:CVE) Price Target Lowered to $31.00 at BMO Capital Markets

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its target price reduced by BMO Capital Markets from $33.00 to $31.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have an outperform rating on the oil and gas company’s stock.

Several other brokerages also recently commented on CVE. Scotiabank cut their price objective on Cenovus Energy from $35.00 to $34.00 and set a sector outperform rating on the stock in a research report on Friday, July 12th. StockNews.com cut shares of Cenovus Energy from a buy rating to a hold rating in a report on Monday, September 30th. Finally, TD Securities downgraded shares of Cenovus Energy from a strong-buy rating to a hold rating in a research note on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Cenovus Energy currently has an average rating of Moderate Buy and a consensus target price of $30.75.

Cenovus Energy Stock Up 0.5 %

Shares of CVE opened at $18.36 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 0.25. Cenovus Energy has a 52-week low of $14.69 and a 52-week high of $21.90. The company has a market cap of $34.14 billion, a PE ratio of 10.20 and a beta of 2.04. The business has a fifty day moving average of $17.94 and a 200 day moving average of $19.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.13). Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. The firm had revenue of $10.88 billion during the quarter, compared to analysts’ expectations of $9.78 billion. On average, sell-side analysts expect that Cenovus Energy will post 1.84 EPS for the current year.

Cenovus Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.132 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.53 annualized dividend and a dividend yield of 2.88%. Cenovus Energy’s payout ratio is currently 29.44%.

Institutional Investors Weigh In On Cenovus Energy

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Cenovus Energy by 2.1% in the first quarter. Vanguard Group Inc. now owns 48,563,284 shares of the oil and gas company’s stock worth $970,780,000 after buying an additional 1,008,341 shares in the last quarter. Boston Partners raised its position in shares of Cenovus Energy by 29.0% in the 1st quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock worth $750,435,000 after acquiring an additional 8,438,979 shares in the last quarter. Capital International Investors lifted its stake in shares of Cenovus Energy by 216.3% during the 1st quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company’s stock worth $678,250,000 after purchasing an additional 23,202,018 shares during the last quarter. 1832 Asset Management L.P. boosted its position in Cenovus Energy by 81.1% during the second quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock valued at $246,507,000 after purchasing an additional 5,613,320 shares in the last quarter. Finally, Mackenzie Financial Corp grew its stake in Cenovus Energy by 5.3% in the second quarter. Mackenzie Financial Corp now owns 11,186,227 shares of the oil and gas company’s stock valued at $219,897,000 after purchasing an additional 562,663 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.