Cenovus Energy (CVE) Upgraded at AltaCorp Capital
Several other research firms have also recently commented on CVE. Zacks Investment Research cut Cenovus Energy from a hold rating to a sell rating in a research note on Monday, January 8th. Scotiabank cut Cenovus Energy from an outperform rating to a sector perform rating in a research note on Wednesday, November 15th. Desjardins reiterated a hold rating on shares of Cenovus Energy in a research note on Friday, January 12th. Canaccord Genuity reiterated a buy rating and issued a $15.50 price target on shares of Cenovus Energy in a research note on Thursday, October 19th. Finally, ValuEngine cut Cenovus Energy from a hold rating to a sell rating in a research note on Saturday. Six investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $14.42.
Cenovus Energy (NYSE:CVE) opened at $7.52 on Friday. The company has a market capitalization of $9,210.00, a PE ratio of 4.50, a price-to-earnings-growth ratio of 5.78 and a beta of 0.67. Cenovus Energy has a one year low of $6.76 and a one year high of $14.10. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.82 and a current ratio of 1.13.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be issued a $0.0398 dividend. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.04. This represents a $0.16 annualized dividend and a yield of 2.11%. The ex-dividend date is Wednesday, March 14th. Cenovus Energy’s payout ratio is currently 9.58%.
A number of institutional investors have recently made changes to their positions in the stock. OLD Mutual Customised Solutions Proprietary Ltd. increased its holdings in Cenovus Energy by 35.7% in the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 77,860 shares of the oil and gas company’s stock valued at $713,000 after buying an additional 20,500 shares during the last quarter. Halsey Associates Inc. CT bought a new stake in Cenovus Energy in the fourth quarter valued at about $137,000. Lincluden Management Ltd. increased its holdings in Cenovus Energy by 15.9% in the fourth quarter. Lincluden Management Ltd. now owns 6,215,983 shares of the oil and gas company’s stock valued at $58,164,000 after buying an additional 851,985 shares during the last quarter. Jane Street Group LLC increased its holdings in Cenovus Energy by 327.4% in the fourth quarter. Jane Street Group LLC now owns 382,640 shares of the oil and gas company’s stock valued at $3,494,000 after buying an additional 293,120 shares during the last quarter. Finally, Luminus Management LLC bought a new stake in Cenovus Energy in the fourth quarter valued at about $17,804,000. 75.43% of the stock is owned by hedge funds and other institutional investors.
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About Cenovus Energy
Cenovus Energy Inc is a Canada-based integrated oil company. It operates in the business of developing, producing and marketing crude oil, Natural Gas Liquids (NGLs) and natural gas in Canada. The Company also conducts marketing activities and owns refining interests in the United States (U.S.). Its segments include: Oil Sands, which includes the development and production of bitumen and natural gas in northeast Alberta; Conventional, which includes the development and production of conventional crude oil, NGLs and natural gas in Alberta and Saskatchewan, including the heavy oil assets at Pelican Lake, the carbon dioxide (CO2) enhanced oil recovery (EOR) project at Weyburn and emerging tight oil opportunities; Refining and Marketing, which includes transporting and selling crude oil and natural gas and joint ownership of refineries in the U.S., as well as Corporate and Eliminations.
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