Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) – Research analysts at National Bank Financial cut their FY2019 earnings estimates for shares of Cenovus Energy in a note issued to investors on Wednesday, October 31st. National Bank Financial analyst T. Wood now anticipates that the oil and gas company will earn $0.77 per share for the year, down from their prior estimate of $0.78.
A number of other analysts also recently weighed in on the company. JPMorgan Chase & Co. upgraded Cenovus Energy from a “neutral” rating to an “overweight” rating in a research report on Monday, September 10th. Goldman Sachs Group cut Cenovus Energy from a “neutral” rating to a “sell” rating in a research note on Friday, September 7th. CIBC initiated coverage on Cenovus Energy in a research note on Friday, October 5th. They issued a “sector outperform” rating on the stock. Canaccord Genuity cut Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Thursday, August 16th. Finally, Tudor Pickering cut Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, August 14th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $14.33.
NYSE:CVE opened at $8.75 on Friday. The company has a market capitalization of $10.75 billion, a P/E ratio of -437.50 and a beta of 0.76. Cenovus Energy has a 1-year low of $7.09 and a 1-year high of $11.52. The company has a quick ratio of 0.81, a current ratio of 1.26 and a debt-to-equity ratio of 0.47.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 14th will be paid a $0.0382 dividend. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.04. This represents a $0.15 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Thursday, December 13th. Cenovus Energy’s payout ratio is -750.00%.
A number of institutional investors have recently made changes to their positions in CVE. Blume Capital Management Inc. increased its stake in Cenovus Energy by 375.5% in the 3rd quarter. Blume Capital Management Inc. now owns 10,181 shares of the oil and gas company’s stock worth $102,000 after purchasing an additional 8,040 shares during the period. V Wealth Management LLC purchased a new position in Cenovus Energy in the 2nd quarter worth approximately $132,000. Addenda Capital Inc. purchased a new position in Cenovus Energy in the 2nd quarter worth approximately $182,000. Cubist Systematic Strategies LLC purchased a new position in shares of Cenovus Energy during the second quarter valued at approximately $223,000. Finally, United Services Automobile Association increased its stake in shares of Cenovus Energy by 46.5% during the second quarter. United Services Automobile Association now owns 21,948 shares of the oil and gas company’s stock valued at $228,000 after buying an additional 6,969 shares during the period. 74.26% of the stock is currently owned by institutional investors and hedge funds.
Cenovus Energy Company Profile
Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.
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