Cenovus Energy (NYSE:CVE) Sets New 12-Month Low – Time to Sell?

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE)’s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $14.60 and last traded at $14.69, with a volume of 731051 shares. The stock had previously closed at $14.86.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CVE. StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday. BMO Capital Markets lowered their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Finally, TD Securities lowered 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 issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Trading Down 2.0 %

The stock’s fifty day simple moving average is $16.07 and its 200 day simple moving average is $17.72. The firm has a market capitalization of $26.43 billion, a PE ratio of 9.99 and a beta of 2.02. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.08. The company had revenue of $14.20 billion for the quarter, compared to analysts’ expectations of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. Cenovus Energy’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same period last year, the firm earned $0.72 EPS. On average, sell-side analysts predict that Cenovus Energy Inc. will post 1.48 earnings per share for the current year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.133 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.53 annualized dividend and a yield of 3.67%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio is currently 36.55%.

Hedge Funds Weigh In On Cenovus Energy

A number of hedge funds have recently made changes to their positions in the business. 1832 Asset Management L.P. boosted its stake 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 buying an additional 5,613,320 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Cenovus Energy by 32,791.8% during the second quarter. Acadian Asset Management LLC now owns 4,440,391 shares of the oil and gas company’s stock valued at $87,246,000 after acquiring an additional 4,426,891 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Cenovus Energy by 2,236.1% during the second quarter. Canada Pension Plan Investment Board now owns 4,610,779 shares of the oil and gas company’s stock valued at $90,608,000 after purchasing an additional 4,413,405 shares in the last quarter. Smead Capital Management Inc. lifted its position in shares of Cenovus Energy by 39.3% during the third quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock valued at $257,831,000 after buying an additional 4,351,960 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Cenovus Energy by 4,319.1% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,218,376 shares of the oil and gas company’s stock valued at $43,609,000 after purchasing an additional 2,168,176 shares during the last quarter. 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.