Cenovus Energy (NYSE:CVE) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen cut shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a buy rating to a hold rating in a research report report published on Monday morning.

A number of other equities analysts have also weighed in on CVE. TD Securities reissued a “buy” rating on shares of Cenovus Energy in a research note on Friday. The Goldman Sachs Group reissued a “buy” rating and set a $22.00 price target on shares of Cenovus Energy in a research report on Monday, February 2nd. Weiss Ratings restated a “hold (c)” rating on shares of Cenovus Energy in a research report on Tuesday, January 27th. Royal Bank Of Canada lifted their target price on shares of Cenovus Energy from $29.00 to $31.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 18th. Finally, Scotiabank upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.33.

Cenovus Energy Stock Down 0.3%

Shares of NYSE CVE opened at $22.51 on Monday. The stock has a market cap of $42.32 billion, a PE ratio of 14.71 and a beta of 0.48. The company has a current ratio of 1.57, a quick ratio of 1.04 and a debt-to-equity ratio of 0.35. Cenovus Energy has a 12-month low of $10.23 and a 12-month high of $23.39. The company has a 50-day moving average of $18.75 and a 200 day moving average of $17.65.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.08. The business had revenue of $9.44 billion for the quarter, compared to analyst estimates of $10.89 billion. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. During the same period last year, the company posted $0.07 EPS. As a group, sell-side analysts predict that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.6%. Cenovus Energy’s dividend payout ratio (DPR) is presently 37.25%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CVE. Financial Management Professionals Inc. purchased a new stake in shares of Cenovus Energy in the 4th quarter valued at $25,000. Transamerica Financial Advisors LLC grew its position in Cenovus Energy by 1,302.7% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 1,433 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new stake in Cenovus Energy during the second quarter worth about $27,000. NBC Securities Inc. lifted its position in shares of Cenovus Energy by 961.5% during the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Allworth Financial LP lifted its position in shares of Cenovus Energy by 104.3% during the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 1,168 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

About Cenovus Energy

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.