Cenovus Energy Inc (NYSE:CVE) Upgraded to “Sell” at BidaskClub
BidaskClub upgraded shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) from a strong sell rating to a sell rating in a research note released on Wednesday.
A number of other equities research analysts also recently commented on CVE. UBS AG downgraded Cenovus Energy from a market perform rating to an underperform rating in a report on Wednesday, July 5th. Zacks Investment Research downgraded Cenovus Energy from a buy rating to a hold rating in a report on Wednesday, July 26th. ValuEngine raised Cenovus Energy from a sell rating to a hold rating in a report on Friday, July 28th. Barclays PLC reissued an overweight rating and issued a $22.00 target price (up previously from $15.00) on shares of Cenovus Energy in a report on Wednesday, July 12th. Finally, Macquarie downgraded Cenovus Energy from a neutral rating to an underperform rating in a report on Wednesday, June 21st. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. Cenovus Energy presently has a consensus rating of Hold and an average price target of $17.34.
Shares of Cenovus Energy (NYSE CVE) opened at 8.32 on Wednesday. The stock has a market cap of $10.22 billion, a price-to-earnings ratio of 3.52 and a beta of 0.57. Cenovus Energy has a one year low of $6.76 and a one year high of $16.82. The company has a 50-day moving average of $7.54 and a 200 day moving average of $10.52.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, July 27th. The oil and gas company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.24. Cenovus Energy had a return on equity of 3.20% and a net margin of 17.89%. The company had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $3.40 billion. During the same quarter last year, the company earned ($0.05) earnings per share. On average, equities analysts forecast that Cenovus Energy will post $0.33 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a $0.039 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.88%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s dividend payout ratio (DPR) is currently 8.33%.
Several hedge funds and other institutional investors have recently made changes to their positions in CVE. Allegis Investment Advisors LLC boosted its position in shares of Cenovus Energy by 16.9% in the second quarter. Allegis Investment Advisors LLC now owns 13,933 shares of the oil and gas company’s stock worth $103,000 after buying an additional 2,016 shares in the last quarter. Cigna Investments Inc. New purchased a new position in shares of Cenovus Energy during the second quarter worth $110,000. FNY Partners Fund LP purchased a new position in shares of Cenovus Energy during the first quarter worth $113,000. Neuberger Berman Group LLC boosted its position in shares of Cenovus Energy by 7.4% in the first quarter. Neuberger Berman Group LLC now owns 12,992 shares of the oil and gas company’s stock worth $147,000 after buying an additional 900 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its position in shares of Cenovus Energy by 51.6% in the first quarter. Acadian Asset Management LLC now owns 13,800 shares of the oil and gas company’s stock worth $156,000 after buying an additional 4,700 shares in the last quarter. Institutional investors and hedge funds own 56.04% of the company’s stock.
Cenovus Energy Company Profile
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