Cenovus Energy (NYSE:CVE) Sets New 12-Month Low – Time to Sell?

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) shares reached a new 52-week low during mid-day trading on Monday . The company traded as low as $13.76 and last traded at $13.98, with a volume of 173224 shares traded. The stock had previously closed at $14.47.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. StockNews.com lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Royal Bank of Canada reissued an “outperform” rating and set a $28.00 price target on shares of Cenovus Energy in a research report on Monday, January 6th. Finally, BMO Capital Markets reduced their price target on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Cenovus Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Stock Performance

The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $25.74 billion, a PE ratio of 9.74 and a beta of 1.99. The firm’s fifty day moving average price is $15.10 and its two-hundred day moving average price is $16.71.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The firm had revenue of $14.20 billion during the quarter, compared to analyst estimates of $10.25 billion. During the same period in the previous year, the firm earned $0.72 EPS. The business’s quarterly revenue was down 17.9% on a year-over-year basis. As a group, equities research analysts forecast that Cenovus Energy Inc. will post 1.36 EPS for the current year.

Institutional Investors Weigh In On Cenovus Energy

Institutional investors have recently added to or reduced their stakes in the stock. Smead Capital Management Inc. grew its stake in Cenovus Energy by 39.3% in the 3rd quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock valued at $257,831,000 after acquiring an additional 4,351,960 shares during the period. HITE Hedge Asset Management LLC acquired a new stake in Cenovus Energy in the 3rd quarter valued at $11,569,000. Entropy Technologies LP acquired a new stake in Cenovus Energy in the 3rd quarter valued at $3,472,000. Assenagon Asset Management S.A. grew its stake in Cenovus Energy by 1,289.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 430,781 shares of the oil and gas company’s stock valued at $6,526,000 after acquiring an additional 399,787 shares during the period. Finally, Two Sigma Advisers LP grew its stake in Cenovus Energy by 44.1% in the 3rd quarter. Two Sigma Advisers LP now owns 1,284,600 shares of the oil and gas company’s stock valued at $21,491,000 after acquiring an additional 393,100 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

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.