Cenovus Energy (NYSE:CVE) Cut to Hold at Scotiabank

Scotiabank cut shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday,Zacks.com reports.

CVE has been the topic of a number of other reports. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research note on Thursday, November 20th. Raymond James Financial raised shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, October 9th. Royal Bank Of Canada upped their price objective on shares of Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cenovus Energy in a research note on Thursday, October 30th. Finally, The Goldman Sachs Group assumed coverage on shares of Cenovus Energy in a research report on Friday, January 2nd. They set a “buy” rating and a $20.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $27.00.

Cenovus Energy Trading Down 0.3%

NYSE:CVE opened at $18.44 on Tuesday. The company has a current ratio of 1.73, a quick ratio of 1.18 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $34.73 billion, a price-to-earnings ratio of 15.11 and a beta of 0.49. The firm has a fifty day simple moving average of $17.46 and a two-hundred day simple moving average of $16.65. Cenovus Energy has a 12 month low of $10.23 and a 12 month high of $18.75.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.12. The firm had revenue of $10.87 billion for the quarter, compared to analyst estimates of $12.51 billion. Cenovus Energy had a net margin of 6.23% and a return on equity of 10.73%. The business’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.42 earnings per share. Analysts expect that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Monday, December 15th. Cenovus Energy’s payout ratio is currently 46.72%.

Institutional Trading of Cenovus Energy

Institutional investors and hedge funds have recently made changes to their positions in the company. Atlantic Union Bankshares Corp purchased a new position in Cenovus Energy during the second quarter worth about $27,000. Allworth Financial LP lifted its position in shares of Cenovus Energy by 104.3% during the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after buying an additional 1,168 shares in the last quarter. Advisory Services Network LLC bought a new position in shares of Cenovus Energy during the 3rd quarter worth approximately $50,000. Geneos Wealth Management Inc. boosted its stake in shares of Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after buying an additional 1,384 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its holdings in shares of Cenovus Energy by 39.9% in the second quarter. Caitong International Asset Management Co. Ltd now owns 4,205 shares of the oil and gas company’s stock valued at $57,000 after acquiring an additional 1,199 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

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.