Cenovus Energy (NYSE:CVE) Stock Price Down 6% – Should You Sell?

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE)’s stock price dropped 6% during mid-day trading on Monday . The company traded as low as $26.32 and last traded at $26.5760. Approximately 1,542,180 shares changed hands during trading, a decline of 88% from the average daily volume of 12,495,899 shares. The stock had previously closed at $28.27.

Wall Street Analysts Forecast Growth

CVE has been the topic of a number of analyst reports. The Goldman Sachs Group reissued a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Raymond James Financial downgraded Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. BMO Capital Markets reiterated an “outperform” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Veritas raised shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Finally, Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $35.25.

Cenovus Energy Stock Performance

The company has a 50 day moving average price of $28.08 and a 200-day moving average price of $23.06. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The company has a market cap of $47.82 billion, a P/E ratio of 14.05 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The company had revenue of $10.79 billion for the quarter, compared to analyst estimates of $9.47 billion. During the same quarter last year, the company posted $0.47 EPS. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, equities analysts expect that Cenovus Energy Inc will post 3.15 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio is 34.62%.

Institutional Investors Weigh In On Cenovus Energy

Hedge funds have recently made changes to their positions in the stock. Financial Management Professionals Inc. acquired a new stake in shares of Cenovus Energy in the 4th quarter valued at approximately $25,000. Transamerica Financial Advisors LLC boosted its stake in shares of Cenovus Energy by 1,302.7% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 1,433 shares in the last quarter. NBC Securities Inc. boosted its stake in shares of Cenovus Energy by 961.5% in the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 1,500 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Cenovus Energy in the 4th quarter valued at approximately $38,000. Finally, Advisory Services Network LLC acquired a new stake in shares of Cenovus Energy in the 3rd quarter valued at approximately $50,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Company Profile

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.