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

TD Securities cut shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a strong-buy rating to a hold rating in a research note released on Tuesday morning, Zacks.com reports.

Several other research firms have also recently commented on CVE. StockNews.com cut shares of Cenovus Energy from a buy rating to a hold rating in a research note on Monday, September 30th. Scotiabank decreased their price target on Cenovus Energy from $35.00 to $34.00 and set a sector outperform rating on the stock in a research note on Friday, July 12th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $30.75.

Cenovus Energy Stock Performance

CVE stock opened at $18.27 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. Cenovus Energy has a 12 month low of $14.69 and a 12 month high of $21.90. The firm has a 50 day moving average of $17.99 and a two-hundred day moving average of $19.35. The company has a market capitalization of $33.97 billion, a price-to-earnings ratio of 10.15 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). The company had revenue of $10.88 billion during the quarter, compared to analyst estimates of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. As a group, equities analysts anticipate that Cenovus Energy will post 1.84 EPS for the current fiscal year.

Cenovus Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a dividend of $0.132 per share. This represents a $0.53 annualized dividend and a yield of 2.89%. The ex-dividend date was Friday, September 13th. Cenovus Energy’s dividend payout ratio is 29.44%.

Institutional Investors Weigh In On Cenovus Energy

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

About Cenovus Energy

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.