Cenovus Energy (NYSE:CVE) Cut to “Hold” at TD Securities

by · The Markets Daily

TD Securities lowered shares of Cenovus Energy (NYSE:CVE – Free Report) (TSE:CVE) from a strong-buy rating to a hold rating in a report released on Tuesday, Zacks.com reports.

CVE has been the topic of several other reports. Scotiabank dropped their target price on shares of Cenovus Energy from $35.00 to $34.00 and set a sector outperform rating on the stock in a report on Friday, July 12th. StockNews.com lowered Cenovus Energy from a buy rating to a hold rating in a report on Monday. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $30.67.

Read Our Latest Analysis on Cenovus Energy

Cenovus Energy Stock Up 3.6 %

CVE stock opened at $17.84 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 0.25. The business’s 50-day simple moving average is $18.03 and its 200 day simple moving average is $19.36. Cenovus Energy has a twelve month low of $14.69 and a twelve month high of $21.90. The company has a market cap of $33.17 billion, a PE ratio of 9.91 and a beta of 2.05.

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last posted its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.13). Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. The company had revenue of $10.88 billion during the quarter, compared to analyst estimates of $9.78 billion. On average, research analysts anticipate that Cenovus Energy will post 1.84 earnings per share for the current year.

Cenovus Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.132 per share. The ex-dividend date was Friday, September 13th. This represents a $0.53 annualized dividend and a yield of 2.96%. Cenovus Energy’s dividend payout ratio is presently 29.44%.

Hedge Funds Weigh In On Cenovus Energy

A number of hedge funds have recently bought and sold shares of the company. Banque Cantonale Vaudoise acquired a new position in shares of Cenovus Energy during the 1st quarter valued at $30,000. Wolff Wiese Magana LLC lifted its holdings in Cenovus Energy by 71.4% during the first quarter. Wolff Wiese Magana LLC now owns 2,400 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 1,000 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in Cenovus Energy by 124.2% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 2,558 shares of the oil and gas company’s stock valued at $51,000 after buying an additional 1,417 shares in the last quarter. American National Bank purchased a new stake in Cenovus Energy in the 1st quarter worth approximately $52,000. Finally, Benjamin F. Edwards & Company Inc. grew its position in Cenovus Energy by 42.1% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 4,827 shares of the oil and gas company’s stock worth $96,000 after acquiring an additional 1,429 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

About Cenovus Energy

(Get Free Report)

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.

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