Cenovus Energy (NYSE:CVE) Downgraded by The Goldman Sachs Group to “Neutral”

The Goldman Sachs Group cut shares of Cenovus Energy (NYSE:CVEGet Rating) (TSE:CVE) from a buy rating to a neutral rating in a research report sent to investors on Monday morning, MarketBeat reports. The brokerage currently has $23.00 target price on the oil and gas company’s stock.

CVE has been the subject of a number of other research reports. Credit Suisse Group reiterated an outperform rating and issued a $37.00 price target on shares of Cenovus Energy in a report on Thursday, August 11th. Jefferies Financial Group assumed coverage on Cenovus Energy in a report on Wednesday, October 19th. They issued a buy rating for the company. StockNews.com assumed coverage on Cenovus Energy in a report on Wednesday, October 12th. They issued a buy rating for the company. National Bank Financial lowered their price target on Cenovus Energy from C$38.00 to C$36.00 in a report on Friday, September 30th. Finally, Scotiabank lowered their price target on Cenovus Energy from C$34.00 to C$33.00 in a report on Thursday, October 13th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $29.56.

Cenovus Energy Trading Down 1.3 %

CVE opened at $20.26 on Monday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.00 and a current ratio of 1.55. The stock has a market cap of $38.88 billion, a price-to-earnings ratio of 10.08 and a beta of 2.33. The stock’s 50 day moving average price is $18.77 and its 200-day moving average price is $19.17. Cenovus Energy has a one year low of $10.72 and a one year high of $24.91.

Cenovus Energy Cuts Dividend

The business also recently announced a dividend, which will be paid on Friday, December 2nd. Shareholders of record on Friday, November 18th will be issued a dividend of $0.114 per share. The ex-dividend date of this dividend is Thursday, November 17th. Cenovus Energy’s dividend payout ratio is currently 14.93%.

Institutional Trading of Cenovus Energy

Hedge funds have recently bought and sold shares of the stock. Tompkins Financial Corp purchased a new stake in Cenovus Energy during the first quarter worth $25,000. Anson Funds Management LP purchased a new stake in shares of Cenovus Energy during the 1st quarter valued at $27,000. Washington Trust Advisors Inc. lifted its holdings in shares of Cenovus Energy by 153.1% during the 2nd quarter. Washington Trust Advisors Inc. now owns 1,488 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 900 shares during the last quarter. Venture Visionary Partners LLC purchased a new stake in shares of Cenovus Energy during the 2nd quarter valued at $31,000. Finally, AllSquare Wealth Management LLC purchased a new stake in shares of Cenovus Energy during the 1st quarter valued at $32,000. Hedge funds and other institutional investors own 50.30% of the company’s stock.

Cenovus Energy Company Profile

(Get Rating)

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada, the United States, and the Asia Pacific region. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, U.S. Manufacturing, and Retail segments.

Further Reading

Analyst Recommendations for Cenovus Energy (NYSE:CVE)

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