Cenovus Energy (NYSE:CVE) Stock Price Up 5.2% – Here’s What Happened

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) was up 5.2% during mid-day trading on Thursday . The stock traded as high as $25.13 and last traded at $25.1670. Approximately 10,874,598 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 15,173,533 shares. The stock had previously closed at $23.93.

Analyst Upgrades and Downgrades

CVE has been the subject of a number of research analyst reports. Zacks Research lowered Cenovus Energy from a “hold” rating to a “strong sell” rating in a research note on Friday, February 20th. BMO Capital Markets reiterated an “outperform” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Royal Bank Of Canada raised their price objective on Cenovus Energy from $29.00 to $31.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 18th. Scotiabank raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, February 20th. Finally, TD Securities reiterated a “buy” rating on shares of Cenovus Energy in a research report on Friday, February 20th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.67.

Cenovus Energy Stock Up 4.1%

The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $46.83 billion, a price-to-earnings ratio of 16.28 and a beta of 0.43. The business’s 50-day moving average is $20.85 and its 200-day moving average is $18.50.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.08. The company had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $10.89 billion. Cenovus Energy had a return on equity of 13.25% and a net margin of 7.92%.During the same period last year, the firm earned $0.07 EPS. As a group, equities analysts predict that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Friday, March 13th. Cenovus Energy’s dividend payout ratio (DPR) is 38.56%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Lighthouse Investment Partners LLC grew its position in shares of Cenovus Energy by 29.1% during the 3rd quarter. Lighthouse Investment Partners LLC now owns 484,000 shares of the oil and gas company’s stock valued at $8,216,000 after acquiring an additional 109,000 shares during the period. Ninepoint Partners LP raised its holdings in Cenovus Energy by 490.0% in the 3rd quarter. Ninepoint Partners LP now owns 3,540,000 shares of the oil and gas company’s stock worth $60,145,000 after purchasing an additional 2,940,000 shares during the period. Intact Investment Management Inc. boosted its position in Cenovus Energy by 69.6% during the third quarter. Intact Investment Management Inc. now owns 3,655,878 shares of the oil and gas company’s stock worth $62,081,000 after purchasing an additional 1,500,590 shares in the last quarter. Boston Partners grew its holdings in Cenovus Energy by 2.3% in the second quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company’s stock valued at $365,097,000 after purchasing an additional 606,042 shares during the period. Finally, Swiss National Bank grew its holdings in Cenovus Energy by 6.6% in the second quarter. Swiss National Bank now owns 4,156,435 shares of the oil and gas company’s stock valued at $56,341,000 after purchasing an additional 257,600 shares during the period. 51.19% of the stock is owned by institutional investors and hedge funds.

About Cenovus Energy

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.