Zacks Investment Research cut shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a hold rating to a sell rating in a report published on Monday morning.
According to Zacks, “Cenovus Energy is an integrated oil company headquartered in Calgary, Alberta. The Company’s operations include their growing enhanced oil projects and established natural gas and crude oil production in Alberta and Saskatchewan. The Company has four top-quality enhanced oil projects: Foster Creek, Christina Lake, Pelican Lake and Weyburn. Foster Creek, Christina Lake and Pelican Lake are located in northeast Alberta, and Weyburn is in Saskatchewan. The Company also has ownership interest in two high-quality refineries in Illinois and Texas. Cenovus Energy’s ongoing objective is to advance technologies that reduce the amount of water, steam, natural gas and electricity used in their operations and to decrease surface land disturbance. “
CVE has been the topic of several other research reports. Morgan Stanley set a $15.00 price target on shares of Cenovus Energy and gave the stock a buy rating in a research report on Friday, October 13th. Royal Bank of Canada reaffirmed a buy rating and set a $15.00 price target on shares of Cenovus Energy in a research report on Monday, October 16th. Canaccord Genuity reaffirmed a buy rating and set a $14.50 price target on shares of Cenovus Energy in a research report on Monday, September 25th. AltaCorp Capital cut shares of Cenovus Energy from an outperform rating to a sector perform rating in a research report on Thursday, November 9th. Finally, Scotiabank cut shares of Cenovus Energy from an outperform rating to a sector perform rating in a research report on Wednesday, November 15th. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. The company has an average rating of Hold and an average price target of $14.42.
Shares of Cenovus Energy (NYSE CVE) traded down $0.03 during mid-day trading on Monday, hitting $10.91. 4,383,177 shares of the stock traded hands, compared to its average volume of 3,880,000. The company has a quick ratio of 1.10, a current ratio of 1.41 and a debt-to-equity ratio of 0.62. Cenovus Energy has a twelve month low of $6.76 and a twelve month high of $15.21. The company has a market capitalization of $13,400.00, a PE ratio of 4.76 and a beta of 0.62.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were issued a $0.039 dividend. The ex-dividend date was Thursday, December 14th. This represents a $0.16 dividend on an annualized basis and a yield of 1.43%. Cenovus Energy’s dividend payout ratio is currently 6.99%.
A number of hedge funds and other institutional investors have recently modified their holdings of CVE. Sowell Financial Services LLC bought a new position in Cenovus Energy in the third quarter worth about $106,000. First Commonwealth Financial Corp PA bought a new position in Cenovus Energy in the second quarter worth about $114,000. Timber Hill LLC bought a new position in Cenovus Energy in the third quarter worth about $114,000. Sciencast Management LP bought a new position in Cenovus Energy in the second quarter worth about $124,000. Finally, First Allied Advisory Services Inc. bought a new position in Cenovus Energy in the third quarter worth about $125,000. 56.78% of the stock is currently owned by hedge funds and other institutional investors.
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About Cenovus Energy
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