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

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

A number of other research analysts have also recently weighed in on CVE. Raymond James upgraded shares of Cenovus Energy to a moderate buy rating in a report on Tuesday, May 28th. 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 note on Thursday, March 28th. Finally, Scotiabank cut their price target on Cenovus Energy from $35.00 to $34.00 and set a sector outperform rating on the stock in a report on Friday, July 12th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus price target of $30.67.

Cenovus Energy Price Performance

NYSE:CVE opened at $19.76 on Friday. The company has a market capitalization of $36.69 billion, a P/E ratio of 10.98 and a beta of 2.07. The company has a quick ratio of 1.01, a current ratio of 1.70 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 stock’s fifty day moving average is $19.66 and its two-hundred day moving average is $18.95.

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

Cenovus Energy Dividend Announcement

The firm also recently declared a monthly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were issued a dividend of $0.0981 per share. This represents a $1.18 dividend on an annualized basis and a yield of 5.96%. The ex-dividend date of this dividend was Thursday, May 16th. Cenovus Energy’s dividend payout ratio (DPR) is 29.44%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CVE. Financial Perspectives Inc purchased a new position in Cenovus Energy during the 4th quarter worth $28,000. Fifth Third Bancorp boosted its holdings in shares of Cenovus Energy by 80.3% in the first quarter. Fifth Third Bancorp now owns 1,453 shares of the oil and gas company’s stock valued at $29,000 after acquiring an additional 647 shares in the last quarter. Banque Cantonale Vaudoise acquired a new position in shares of Cenovus Energy during the first quarter worth about $30,000. Headlands Technologies LLC purchased a new position in Cenovus Energy during the fourth quarter worth about $33,000. Finally, Spire Wealth Management lifted its position in Cenovus Energy by 41.9% in the fourth quarter. Spire Wealth Management now owns 2,305 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 681 shares during the period. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Company Profile

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.