Cenovus Energy (NYSE:CVE) Rating Lowered to Buy at StockNews.com

StockNews.com downgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a strong-buy rating to a buy rating in a report released on Friday morning.

CVE has been the topic of several other reports. Raymond James raised shares of Cenovus Energy to a moderate buy rating in a research report on Tuesday, May 28th. Morgan Stanley raised their price objective on Cenovus Energy from $28.00 to $30.00 and gave the stock an overweight rating in a research report on Thursday, March 28th. Finally, UBS Group raised Cenovus Energy from a neutral rating to a buy rating in a research note on Friday, February 23rd. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of Buy and an average price target of $29.00.

Cenovus Energy Stock Down 1.0 %

CVE opened at $18.24 on Friday. The stock’s 50 day moving average price is $20.38 and its 200 day moving average price is $18.31. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.70 and a quick ratio of 1.01. The stock has a market cap of $33.88 billion, a P/E ratio of 10.13 and a beta of 2.06. Cenovus Energy has a 12 month low of $14.69 and a 12 month high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.11. Cenovus Energy had a return on equity of 16.53% and a net margin of 8.73%. The company had revenue of $9.94 billion for the quarter, compared to analysts’ expectations of $9.98 billion. As a group, research analysts predict that Cenovus Energy will post 2.05 earnings per share for the current year.

Cenovus Energy Announces Dividend

The company also recently declared a monthly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 17th were issued a dividend of $0.0981 per share. The ex-dividend date was Thursday, May 16th. This represents a $1.18 annualized dividend and a dividend yield of 6.45%. Cenovus Energy’s dividend payout ratio is 21.67%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Capital World Investors raised its position in shares of Cenovus Energy by 5.4% in the fourth quarter. Capital World Investors now owns 150,534,829 shares of the oil and gas company’s stock valued at $2,508,185,000 after purchasing an additional 7,750,480 shares during the period. Vanguard Group Inc. boosted its stake in Cenovus Energy by 1.4% in the third quarter. Vanguard Group Inc. now owns 49,480,149 shares of the oil and gas company’s stock worth $1,030,177,000 after purchasing an additional 690,057 shares in the last quarter. Wellington Management Group LLP grew its holdings in Cenovus Energy by 0.8% during the 3rd quarter. Wellington Management Group LLP now owns 47,327,214 shares of the oil and gas company’s stock worth $986,334,000 after acquiring an additional 388,652 shares during the last quarter. TD Asset Management Inc raised its position in Cenovus Energy by 26.5% in the 4th quarter. TD Asset Management Inc now owns 42,191,779 shares of the oil and gas company’s stock worth $706,503,000 after purchasing an additional 8,841,374 shares during the last quarter. Finally, Boston Partners lifted its stake in shares of Cenovus Energy by 29.0% during the first quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock valued at $750,435,000 after acquiring an additional 8,438,979 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.