Cenovus Energy (NYSE:CVE) Trading Down 6% – Here’s What Happened

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE)’s stock price dropped 6% on Monday . The company traded as low as $26.32 and last traded at $26.5760. Approximately 1,542,180 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 12,495,899 shares. The stock had previously closed at $28.27.

Analysts Set New Price Targets

CVE has been the topic of a number of analyst reports. Royal Bank Of Canada increased their price target on shares of Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a research report on Tuesday, May 19th. UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Lake Street Capital set a $36.00 target price on Cenovus Energy in a research note on Wednesday, May 13th. The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Weiss Ratings upgraded shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Cenovus Energy currently has an average rating of “Buy” and a consensus target price of $35.25.

Cenovus Energy Stock Down 5.2%

The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $50.13 billion, a price-to-earnings ratio of 14.73 and a beta of 0.34. The stock’s fifty day moving average price is $28.07 and its 200-day moving average price is $22.93.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The company had revenue of $10.79 billion for the quarter, compared to the consensus estimate of $9.47 billion. During the same period last year, the company earned $0.47 earnings per share. The firm’s revenue was up 1.0% compared to the same quarter last year. On average, sell-side analysts predict that Cenovus Energy Inc will post 3.15 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a dividend of $0.22 per share. The ex-dividend date is Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 3.3%. Cenovus Energy’s dividend payout ratio is presently 32.42%.

Hedge Funds Weigh In On Cenovus Energy

Institutional investors have recently added to or reduced their stakes in the company. Ninepoint Partners LP grew its position in Cenovus Energy by 490.0% in the third quarter. Ninepoint Partners LP now owns 3,540,000 shares of the oil and gas company’s stock valued at $60,145,000 after acquiring an additional 2,940,000 shares during the last quarter. Lighthouse Investment Partners LLC boosted its stake in shares of Cenovus Energy by 29.1% in the 3rd quarter. Lighthouse Investment Partners LLC now owns 484,000 shares of the oil and gas company’s stock valued at $8,216,000 after purchasing an additional 109,000 shares in the last quarter. Canoe Financial LP acquired a new stake in shares of Cenovus Energy in the 4th quarter valued at approximately $102,662,000. Massachusetts Financial Services Co. MA boosted its stake in shares of Cenovus Energy by 24.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company’s stock valued at $303,470,000 after purchasing an additional 3,507,525 shares in the last quarter. Finally, TD Asset Management Inc boosted its stake in shares of Cenovus Energy by 3.6% in the 4th quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock valued at $287,897,000 after purchasing an additional 595,518 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.