Cenovus Energy Inc. (CVE) Lowered to “Hold” at Zacks Investment Research
According to Zacks, “Cenovus Energy is an integrated oil company headquartered in Calgary, Alberta. The Company’s operations include their growing enhanced oil projects and established natural gas and crude oil production in Alberta and Saskatchewan. The Company has four top-quality enhanced oil projects: Foster Creek, Christina Lake, Pelican Lake and Weyburn. Foster Creek, Christina Lake and Pelican Lake are located in northeast Alberta, and Weyburn is in Saskatchewan. The Company also has ownership interest in two high-quality refineries in Illinois and Texas. Cenovus Energy’s ongoing objective is to advance technologies that reduce the amount of water, steam, natural gas and electricity used in their operations and to decrease surface land disturbance. “
Several other equities research analysts also recently weighed in on CVE. Goldman Sachs Group Inc. restated a conviction-buy rating on shares of Cenovus Energy in a research note on Wednesday, June 8th. Bank of America Corp. started coverage on shares of Cenovus Energy in a research note on Friday, August 19th. They issued a neutral rating and a $17.00 target price for the company. TD Securities downgraded shares of Cenovus Energy from a buy rating to a hold rating and set a $21.00 target price for the company. in a research note on Wednesday, August 10th. Morgan Stanley upgraded shares of Cenovus Energy from an equal weight rating to an overweight rating in a research note on Monday, June 13th. Finally, Royal Bank Of Canada restated an outperform rating and issued a $23.00 target price on shares of Cenovus Energy in a research note on Tuesday, June 21st. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Cenovus Energy has an average rating of Buy and a consensus price target of $20.00.
Cenovus Energy (NYSE:CVE) opened at 13.96 on Wednesday. Cenovus Energy has a one year low of $9.10 and a one year high of $17.23. The stock has a market capitalization of $11.63 billion, a price-to-earnings ratio of 19.91 and a beta of 0.90. The company has a 50-day moving average of $14.45 and a 200-day moving average of $14.27.
Cenovus Energy (NYSE:CVE) last released its quarterly earnings data on Thursday, July 28th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.09. Cenovus Energy had a net margin of 6.97% and a negative return on equity of 7.35%. During the same quarter in the prior year, the firm earned $0.18 EPS. On average, equities analysts forecast that Cenovus Energy will post ($0.59) EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be issued a dividend of $0.0378 per share. The ex-dividend date is Tuesday, September 13th. This represents a $0.15 annualized dividend and a dividend yield of 1.08%. Cenovus Energy’s dividend payout ratio (DPR) is presently 20.83%.
Several hedge funds and other institutional investors have recently modified their holdings of CVE. Beutel Goodman & Co Ltd. boosted its position in Cenovus Energy by 11.3% in the second quarter. Beutel Goodman & Co Ltd. now owns 42,418,807 shares of the company’s stock worth $582,692,000 after buying an additional 4,305,355 shares during the last quarter. FMR LLC boosted its position in Cenovus Energy by 17.7% in the second quarter. FMR LLC now owns 35,147,014 shares of the company’s stock worth $486,147,000 after buying an additional 5,297,761 shares during the last quarter. Burgundy Asset Management Ltd. boosted its position in Cenovus Energy by 15.4% in the first quarter. Burgundy Asset Management Ltd. now owns 23,733,570 shares of the company’s stock worth $309,226,000 after buying an additional 3,168,523 shares during the last quarter. Bank of Montreal Can purchased a new position in Cenovus Energy during the second quarter worth $289,644,000. Finally, Vanguard Group Inc. boosted its position in Cenovus Energy by 12.2% in the second quarter. Vanguard Group Inc. now owns 17,474,545 shares of the company’s stock worth $241,498,000 after buying an additional 1,899,481 shares during the last quarter. 67.80% of the stock is owned by hedge funds and other institutional investors.
Cenovus Energy Company Profile
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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