Goldman Sachs Group Inc. Downgrades Cenovus Energy Inc. (CVE) to Buy
Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) was downgraded by investment analysts at Goldman Sachs Group Inc. from a “conviction-buy” rating to a “buy” rating in a research note issued on Monday, The Fly reports.
A number of other equities analysts have also recently issued reports on the company. TD Securities restated a “hold” rating and issued a $21.00 target price on shares of Cenovus Energy in a report on Saturday, October 29th. Scotiabank restated an “outperform” rating and issued a $21.00 target price (up from $20.00) on shares of Cenovus Energy in a report on Saturday, October 29th. Zacks Investment Research cut Cenovus Energy from a “hold” rating to a “sell” rating in a report on Thursday, October 27th. RBC Capital Markets restated an “outperform” rating and issued a $23.00 target price on shares of Cenovus Energy in a report on Wednesday, October 26th. Finally, Barclays PLC restated an “overweight” rating and issued a $24.00 target price on shares of Cenovus Energy in a report on Monday, October 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $20.31.
Shares of Cenovus Energy (NYSE:CVE) opened at 14.11 on Monday. Cenovus Energy has a 12-month low of $9.10 and a 12-month high of $16.56. The firm’s market cap is $11.76 billion. The firm has a 50-day moving average price of $14.83 and a 200 day moving average price of $14.54.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Thursday, December 15th will be issued a dividend of $0.0376 per share. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $0.15 dividend on an annualized basis and a dividend yield of 1.07%. Cenovus Energy’s dividend payout ratio is -12.93%.
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Hedge funds and other institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. increased its position in shares of Cenovus Energy by 13.1% in the second quarter. PNC Financial Services Group Inc. now owns 9,147 shares of the company’s stock worth $128,000 after buying an additional 1,059 shares in the last quarter. Marshall Wace LLP purchased a new stake in Cenovus Energy during the second quarter worth about $141,000. Quantitative Investment Management LLC purchased a new stake in Cenovus Energy during the second quarter worth about $152,000. Trexquant Investment LP purchased a new stake in Cenovus Energy during the second quarter worth about $173,000. Finally, Blue Rock Advisors LLC purchased a new stake in Cenovus Energy during the third quarter worth about $179,000. Institutional investors and hedge funds own 67.22% of the company’s stock.
About Cenovus Energy
Cenovus Energy Inc is a Canada-based integrated oil company. It is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas. Its segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations. The Oil Sands segment includes the development and production of bitumen and natural gas in northeast Alberta.
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