Cenovus Energy Inc (CVE) Raised to Sell at BidaskClub
Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) was upgraded by equities researchers at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
Several other equities analysts have also recently weighed in on the stock. ValuEngine cut shares of Cenovus Energy from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Credit Suisse Group reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Friday, May 26th. Zacks Investment Research cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, May 1st. Canaccord Genuity reaffirmed a “hold” rating and set a $16.50 price target on shares of Cenovus Energy in a research note on Wednesday, April 26th. Finally, Macquarie raised shares of Cenovus Energy from an “underperform” rating to a “neutral” rating in a research note on Thursday, March 30th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $19.35.
Shares of Cenovus Energy (NYSE CVE) traded down 4.40% during trading on Wednesday, hitting $8.25. 9,830,981 shares of the company were exchanged. The stock’s market cap is $6.87 billion. The company’s 50-day moving average price is $9.32 and its 200 day moving average price is $12.44. Cenovus Energy has a 12 month low of $7.81 and a 12 month high of $16.82.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, April 26th. The oil and gas company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.02 by $0.06. The business had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $3.21 billion. Cenovus Energy had a positive return on equity of 0.03% and a negative net margin of 1.64%. During the same period in the prior year, the business earned ($0.51) earnings per share. On average, equities analysts predict that Cenovus Energy will post $0.26 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be given a dividend of $0.0371 per share. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $0.15 dividend on an annualized basis and a yield of 1.80%. Cenovus Energy’s dividend payout ratio (DPR) is -71.43%.
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A number of institutional investors have recently added to or reduced their stakes in the company. A.R.T. Advisors LLC boosted its position in Cenovus Energy by 228.3% in the fourth quarter. A.R.T. Advisors LLC now owns 45,300 shares of the oil and gas company’s stock worth $685,000 after buying an additional 31,500 shares during the period. Scotia Capital Inc. boosted its position in Cenovus Energy by 34.5% in the fourth quarter. Scotia Capital Inc. now owns 2,391,286 shares of the oil and gas company’s stock worth $36,136,000 after buying an additional 613,438 shares during the period. AMF Pensionsforsakring AB boosted its position in Cenovus Energy by 10.1% in the fourth quarter. AMF Pensionsforsakring AB now owns 1,012,243 shares of the oil and gas company’s stock worth $15,323,000 after buying an additional 93,210 shares during the period. Guardian Capital LP boosted its position in Cenovus Energy by 15.4% in the fourth quarter. Guardian Capital LP now owns 9,574,562 shares of the oil and gas company’s stock worth $144,756,000 after buying an additional 1,278,450 shares during the period. Finally, Allianz Asset Management AG boosted its position in Cenovus Energy by 106.2% in the fourth quarter. Allianz Asset Management AG now owns 333,512 shares of the oil and gas company’s stock worth $5,049,000 after buying an additional 171,785 shares during the period. 84.06% of the stock is owned by hedge funds and other institutional investors.
Cenovus Energy Company Profile
Cenovus Energy Inc is a Canada-based integrated oil company. The Company is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGL) and natural gas. Its segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations. Its Oil Sands segment includes the development and production of bitumen and natural gas in northeast Alberta.
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