Cenovus Energy Inc (NYSE:CVE) (TSE:CVE)’s share price dropped 5% during mid-day trading on Wednesday . The stock traded as low as $8.18 and last traded at $8.28, approximately 3,263,292 shares traded hands during mid-day trading. A decline of 24% from the average daily volume of 4,304,293 shares. The stock had previously closed at $8.72.
Several research firms recently weighed in on CVE. ValuEngine cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a report on Monday, April 29th. Goldman Sachs Group upgraded shares of Cenovus Energy from a “sell” rating to a “neutral” rating and set a $11.00 price target on the stock in a report on Tuesday, April 16th. CIBC upgraded shares of Cenovus Energy from a “neutral” rating to an “outperform” rating in a report on Thursday, July 18th. Finally, GMP Securities reiterated a “buy” rating and issued a $17.50 price target on shares of Cenovus Energy in a report on Thursday, April 25th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the stock. Cenovus Energy currently has an average rating of “Hold” and an average price target of $13.41.
The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.54 and a current ratio of 1.02. The stock has a market capitalization of $10.32 billion, a price-to-earnings ratio of -4.78, a PEG ratio of 2.65 and a beta of 0.97. The business’s 50-day simple moving average is $9.02.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, July 25th. The oil and gas company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.07). The firm had revenue of $4.43 billion for the quarter, compared to analysts’ expectations of $4.38 billion. Cenovus Energy had a net margin of 1.25% and a negative return on equity of 8.70%. During the same period in the prior year, the business posted ($0.24) EPS. On average, research analysts expect that Cenovus Energy Inc will post 0.54 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $0.038 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.15 annualized dividend and a yield of 1.83%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s dividend payout ratio (DPR) is currently -8.62%.
A number of institutional investors have recently made changes to their positions in CVE. Marshall Wace LLP purchased a new position in Cenovus Energy during the first quarter valued at $25,000. SeaBridge Investment Advisors LLC purchased a new position in shares of Cenovus Energy in the 1st quarter worth about $26,000. Elkfork Partners LLC raised its position in shares of Cenovus Energy by 21.0% in the 2nd quarter. Elkfork Partners LLC now owns 7,480 shares of the oil and gas company’s stock worth $64,000 after purchasing an additional 1,298 shares during the last quarter. Meadow Creek Investment Management LLC raised its position in shares of Cenovus Energy by 21.0% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 9,520 shares of the oil and gas company’s stock worth $81,000 after purchasing an additional 1,652 shares during the last quarter. Finally, Glen Harbor Capital Management LLC raised its position in shares of Cenovus Energy by 21.0% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 11,560 shares of the oil and gas company’s stock worth $98,000 after purchasing an additional 2,006 shares during the last quarter. 76.18% of the stock is owned by institutional investors and hedge funds.
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 in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as other projects in the early stages of development, such as Telephone Lake.
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