Cenovus Energy (NYSE:CVE) Downgraded by StockNews.com to Buy

StockNews.com lowered shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a strong-buy rating to a buy rating in a research report report published on Friday.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley boosted their target price on Cenovus Energy from $28.00 to $30.00 and gave the stock an overweight rating in a research report on Thursday, March 28th. Raymond James upgraded shares of Cenovus Energy to a moderate buy rating in a research report on Tuesday, May 28th. Finally, Scotiabank lowered their price target on shares of Cenovus Energy from $35.00 to $34.00 and set a sector outperform rating for the company in a research report on Friday, July 12th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Cenovus Energy presently has a consensus rating of Buy and an average target price of $30.67.

Cenovus Energy Price Performance

Shares of CVE stock opened at $19.76 on Friday. Cenovus Energy has a one year low of $14.69 and a one year high of $21.90. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.70 and a quick ratio of 1.01. The stock has a fifty day moving average price of $19.66 and a 200 day moving average price of $18.95. The stock has a market cap of $36.69 billion, a P/E ratio of 10.98 and a beta of 2.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.11. Cenovus Energy had a return on equity of 16.53% and a net margin of 8.73%. The firm had revenue of $9.94 billion for the quarter, compared to analysts’ expectations of $9.98 billion. Analysts predict that Cenovus Energy will post 1.98 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The company also recently disclosed a monthly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 17th were paid a dividend of $0.0981 per share. This represents a $1.18 annualized dividend and a yield of 5.96%. The ex-dividend date was Thursday, May 16th. Cenovus Energy’s payout ratio is 29.44%.

Institutional Investors Weigh In On Cenovus Energy

Large investors have recently bought and sold shares of the company. Mutual Advisors LLC raised its stake in Cenovus Energy by 43.6% during the 4th quarter. Mutual Advisors LLC now owns 28,831 shares of the oil and gas company’s stock worth $480,000 after buying an additional 8,750 shares during the period. Nexus Investment Management ULC increased its holdings in shares of Cenovus Energy by 0.4% in the fourth quarter. Nexus Investment Management ULC now owns 1,528,900 shares of the oil and gas company’s stock worth $25,558,000 after acquiring an additional 6,650 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of Cenovus Energy by 1,925.2% during the fourth quarter. International Assets Investment Management LLC now owns 425,691 shares of the oil and gas company’s stock worth $70,880,000 after purchasing an additional 404,671 shares during the period. Stratos Wealth Partners LTD. lifted its holdings in shares of Cenovus Energy by 0.5% during the 4th quarter. Stratos Wealth Partners LTD. now owns 156,345 shares of the oil and gas company’s stock valued at $2,603,000 after purchasing an additional 774 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its position in shares of Cenovus Energy by 37.3% in the 4th quarter. Sequoia Financial Advisors LLC now owns 25,604 shares of the oil and gas company’s stock valued at $426,000 after purchasing an additional 6,959 shares during the period. 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.