Cenovus Energy Inc. (NYSE:CVE) shares dropped 3.6% during trading on Wednesday . The company traded as low as $14.33 and last traded at $14.34, with a volume of 951,949 shares trading hands. The stock had previously closed at $14.87.

A number of brokerages have issued reports on CVE. Bank of America Corp. began coverage on Cenovus Energy in a research note on Friday, August 19th. They set a “neutral” rating and a $17.00 price objective for the company. Scotiabank reiterated an “outperform” rating and set a $20.00 price objective on shares of Cenovus Energy in a research note on Sunday, July 31st. TD Securities reiterated a “buy” rating and set a $21.00 price objective on shares of Cenovus Energy in a research note on Sunday, July 31st. Zacks Investment Research upgraded Cenovus Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, June 28th. Finally, Barclays PLC upgraded Cenovus Energy from an “underweight” rating to an “overweight” rating and lifted their price objective for the company from $20.00 to $24.00 in a research note on Wednesday, July 13th. Seven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $20.21.

The company has a 50 day moving average of $14.52 and a 200 day moving average of $13.93. The stock has a market capitalization of $12.04 billion and a P/E ratio of 19.99.

Cenovus Energy (NYSE:CVE) last announced its quarterly earnings data on Thursday, July 28th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.09. During the same period in the prior year, the firm posted $0.18 earnings per share. On average, equities research analysts forecast that Cenovus Energy Inc. will post ($0.58) EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be paid a $0.0378 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $0.15 annualized dividend and a yield of 1.05%.

A hedge fund recently bought a new stake in Cenovus Energy stock. Trexquant Investment LP bought a new position in Cenovus Energy Inc. (NYSE:CVE) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 83,513 shares of the company’s stock, valued at approximately $1,054,000.

Cenovus Energy Inc (Cenovus) is an integrated oil company. The Company is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas in Canada with marketing activities and refining operations in the United States. The Company’s segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations.

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