Cenovus Energy (NYSE:CVE) Cut to Sector Perform at National Bank Financial

National Bank Financial downgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from an outperform rating to a sector perform rating in a report released on Friday, Marketbeat.com reports.

CVE has been the topic of a number of other research reports. BMO Capital Markets lowered their target price on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $28.00 price objective on shares of Cenovus Energy in a research note on Monday, January 6th. Finally, StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $29.25.

Cenovus Energy Trading Down 4.5 %

Shares of CVE stock opened at $14.61 on Friday. The stock has a market cap of $26.64 billion, a P/E ratio of 12.07 and a beta of 1.99. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. Cenovus Energy has a fifty-two week low of $13.76 and a fifty-two week high of $21.90. The business has a fifty day simple moving average of $14.99 and a 200-day simple moving average of $16.27.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, February 20th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $11.08 billion. Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. On average, analysts forecast that Cenovus Energy will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.1269 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.51 annualized dividend and a dividend yield of 3.47%. Cenovus Energy’s dividend payout ratio is presently 42.15%.

Hedge Funds Weigh In On Cenovus Energy

Several institutional investors and hedge funds have recently bought and sold shares of CVE. Creative Planning increased its holdings in shares of Cenovus Energy by 9.9% during the 3rd quarter. Creative Planning now owns 321,808 shares of the oil and gas company’s stock worth $5,384,000 after buying an additional 29,050 shares during the last quarter. Blue Trust Inc. grew its position in Cenovus Energy by 640.3% during the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 2,651 shares during the period. Signaturefd LLC increased its stake in Cenovus Energy by 9.3% during the third quarter. Signaturefd LLC now owns 52,606 shares of the oil and gas company’s stock worth $880,000 after acquiring an additional 4,479 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Cenovus Energy by 1,741.5% in the 3rd quarter. International Assets Investment Management LLC now owns 730,465 shares of the oil and gas company’s stock worth $122,210,000 after purchasing an additional 690,798 shares during the period. Finally, Mraz Amerine & Associates Inc. lifted its stake in shares of Cenovus Energy by 147.9% in the 3rd quarter. Mraz Amerine & Associates Inc. now owns 135,118 shares of the oil and gas company’s stock valued at $2,261,000 after purchasing an additional 80,607 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Company Profile

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.