Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) shares dropped 0.8% during mid-day trading on Monday . The company traded as low as $7.11 and last traded at $7.06. Approximately 244,023 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 4,600,677 shares. The stock had previously closed at $7.12.
CVE has been the topic of a number of recent analyst reports. Scotiabank upgraded shares of Cenovus Energy from a “sector perform” rating to a “buy” rating in a research report on Tuesday, October 30th. TD Securities upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Monday, October 22nd. Zacks Investment Research restated a “buy” rating and issued a $9.25 price target on shares of Cenovus Energy in a research report on Tuesday, November 13th. CIBC restated a “buy” rating on shares of Cenovus Energy in a research report on Thursday. Finally, TheStreet downgraded shares of Cenovus Energy from a “c-” rating to a “d+” rating in a research report on Tuesday, October 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Cenovus Energy presently has an average rating of “Hold” and a consensus target price of $12.65.
The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 1.26. The stock has a market cap of $8.75 billion, a PE ratio of -347.25 and a beta of 0.76.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, October 31st. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.32). Cenovus Energy had a negative net margin of 3.15% and a negative return on equity of 9.58%. The company had revenue of $4.70 billion for the quarter, compared to analyst estimates of $4.44 billion. On average, equities research analysts expect that Cenovus Energy Inc will post -0.64 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 14th will be given a dividend of $0.0382 per share. This represents a $0.15 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Thursday, December 13th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s payout ratio is presently -750.00%.
Several institutional investors have recently added to or reduced their stakes in CVE. Capital International Investors acquired a new position in shares of Cenovus Energy during the 3rd quarter valued at $291,904,000. Capital Research Global Investors increased its stake in Cenovus Energy by 41.3% during the 3rd quarter. Capital Research Global Investors now owns 22,825,232 shares of the oil and gas company’s stock valued at $229,198,000 after purchasing an additional 6,672,019 shares in the last quarter. CIBC Asset Management Inc increased its stake in Cenovus Energy by 51.7% during the 3rd quarter. CIBC Asset Management Inc now owns 19,301,225 shares of the oil and gas company’s stock valued at $193,660,000 after purchasing an additional 6,574,007 shares in the last quarter. Toronto Dominion Bank increased its stake in Cenovus Energy by 101.7% during the 2nd quarter. Toronto Dominion Bank now owns 6,585,468 shares of the oil and gas company’s stock valued at $68,253,000 after purchasing an additional 3,321,205 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in Cenovus Energy during the 2nd quarter valued at $31,560,000. Institutional investors own 72.94% of the company’s stock.
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About Cenovus Energy (NYSE:CVE)
Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.
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