Cenovus Energy (NYSE:CVE) Hits New 52-Week Low Following Analyst Downgrade

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) shares reached a new 52-week low on Wednesday after The Goldman Sachs Group lowered their price target on the stock from $18.00 to $16.00. The Goldman Sachs Group currently has a buy rating on the stock. Cenovus Energy traded as low as $11.64 and last traded at $11.78, with a volume of 12458650 shares trading hands. The stock had previously closed at $12.12.

A number of other equities research analysts have also issued reports on CVE. Scotiabank raised Cenovus Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. National Bankshares reiterated a “sector perform” rating on shares of Cenovus Energy in a report on Friday, April 25th. National Bank Financial cut Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 21st. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research report on Tuesday, April 15th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $25.00 price target on shares of Cenovus Energy in a research report on Friday, April 11th. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $25.75.

Hedge Funds Weigh In On Cenovus Energy

Several institutional investors have recently bought and sold shares of the company. Farther Finance Advisors LLC raised its holdings in shares of Cenovus Energy by 104.9% in the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 851 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new position in Cenovus Energy during the 1st quarter worth $38,000. Sierra Ocean LLC purchased a new stake in shares of Cenovus Energy in the fourth quarter valued at about $67,000. Blue Trust Inc. boosted its holdings in Cenovus Energy by 54.7% during the fourth quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock worth $72,000 after buying an additional 1,677 shares in the last quarter. Finally, Natixis purchased a new stake in Cenovus Energy during the fourth quarter worth about $98,000. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Trading Down 2.8 %

The business’s 50-day simple moving average is $12.76 and its 200-day simple moving average is $14.56. The company has a market cap of $21.47 billion, a price-to-earnings ratio of 9.74 and a beta of 1.46. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Thursday, February 20th. The oil and gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.27). The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $11.08 billion. Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. Research analysts predict that Cenovus Energy Inc. will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $0.1269 per share. This represents a $0.51 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date of this dividend was Friday, March 14th. Cenovus Energy’s dividend payout ratio (DPR) is 40.50%.

Cenovus Energy Company Profile

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.