ValuEngine Downgrades Cenovus Energy Inc (CVE) to Sell

ValuEngine cut shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) from a hold rating to a sell rating in a research note released on Friday.

CVE has been the subject of a number of other reports. Goldman Sachs Group Inc cut their price target on Cenovus Energy from $13.00 to $12.00 and set a sell rating for the company in a research note on Wednesday, March 8th. Societe Generale upgraded Cenovus Energy from a hold rating to a buy rating in a research note on Thursday, February 16th. Zacks Investment Research raised Cenovus Energy from a hold rating to a buy rating and set a $15.00 price objective on the stock in a research report on Wednesday, February 8th. Canaccord Genuity reaffirmed a hold rating and set a $16.50 price objective on shares of Cenovus Energy in a research report on Wednesday, April 26th. Finally, Macquarie raised Cenovus Energy from an underperform rating to a neutral rating in a research report on Thursday, March 30th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. Cenovus Energy currently has a consensus rating of Hold and an average price target of $19.35.

Shares of Cenovus Energy (NYSE CVE) traded down 1.86% during trading on Friday, hitting $7.90. 1,838,452 shares of the company were exchanged. Cenovus Energy has a 1-year low of $7.90 and a 1-year high of $16.82. The company has a 50 day moving average of $9.56 and a 200-day moving average of $12.64. The stock’s market capitalization is $6.58 billion.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, April 26th. The oil and gas company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.02 by $0.06. Cenovus Energy had a return on equity of 7.26% and a net margin of 5.46%. The business had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $3.21 billion. During the same quarter in the previous year, the business posted ($0.51) earnings per share. On average, analysts forecast that Cenovus Energy will post $0.25 earnings per share for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be issued a dividend of $0.0371 per share. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $0.15 annualized dividend and a dividend yield of 1.84%. Cenovus Energy’s dividend payout ratio (DPR) is -12.93%.

Several hedge funds have recently modified their holdings of CVE. Letko Brosseau & Associates Inc. boosted its stake in shares of Cenovus Energy by 2.2% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 13,821,342 shares of the oil and gas company’s stock valued at $208,962,000 after buying an additional 300,625 shares during the period. Aviva PLC boosted its stake in shares of Cenovus Energy by 6.8% in the fourth quarter. Aviva PLC now owns 548,117 shares of the oil and gas company’s stock valued at $8,265,000 after buying an additional 35,065 shares during the period. FMR LLC boosted its stake in shares of Cenovus Energy by 1.7% in the fourth quarter. FMR LLC now owns 32,850,699 shares of the oil and gas company’s stock valued at $496,681,000 after buying an additional 555,185 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Cenovus Energy by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,808,317 shares of the oil and gas company’s stock valued at $57,620,000 after buying an additional 76,823 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Cenovus Energy by 0.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 35,667 shares of the oil and gas company’s stock valued at $540,000 after buying an additional 134 shares during the period. 68.12% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canada-based integrated oil company. The Company is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGL) and natural gas. Its segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations. Its Oil Sands segment includes the development and production of bitumen and natural gas in northeast Alberta.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “CVE”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

To view ValuEngine’s full report, visit ValuEngine’s official website.

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