Cenovus Energy Inc (CVE) Downgraded to “Sector Perform” at AltaCorp Capital

AltaCorp Capital cut shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) from an outperform rating to a sector perform rating in a research report report published on Thursday.

A number of other equities analysts have also recently issued reports on CVE. Barclays PLC reissued an overweight rating and issued a $22.00 target price (up from $15.00) on shares of Cenovus Energy in a report on Wednesday, July 12th. Zacks Investment Research cut Cenovus Energy from a hold rating to a sell rating in a report on Wednesday, July 12th. BidaskClub raised Cenovus Energy from a strong sell rating to a sell rating in a report on Thursday, July 13th. Morgan Stanley cut Cenovus Energy from an overweight rating to an equal weight rating in a report on Wednesday, July 19th. Finally, ValuEngine raised Cenovus Energy from a sell rating to a hold rating in a report on Friday, July 28th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of Hold and an average target price of $16.06.

Cenovus Energy (NYSE CVE) opened at $11.26 on Thursday. Cenovus Energy has a twelve month low of $6.76 and a twelve month high of $16.82. The company has a quick ratio of 1.10, a current ratio of 1.41 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $13,836.18, a P/E ratio of 16.09, a PEG ratio of 3.65 and a beta of 0.62.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a dividend of $0.039 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.16 dividend on an annualized basis and a yield of 1.39%. Cenovus Energy’s dividend payout ratio (DPR) is presently 8.08%.

Institutional investors and hedge funds have recently made changes to their positions in the business. Tobam bought a new position in Cenovus Energy in the 2nd quarter valued at $309,000. Capital Fund Management S.A. boosted its position in Cenovus Energy by 80.2% in the 2nd quarter. Capital Fund Management S.A. now owns 933,736 shares of the oil and gas company’s stock valued at $6,882,000 after buying an additional 415,456 shares during the last quarter. Aviva PLC boosted its position in Cenovus Energy by 23.4% in the 2nd quarter. Aviva PLC now owns 639,225 shares of the oil and gas company’s stock valued at $4,707,000 after buying an additional 121,210 shares during the last quarter. Quantitative Investment Management LLC bought a new position in Cenovus Energy in the 2nd quarter valued at $14,036,000. Finally, Legal & General Group Plc boosted its position in Cenovus Energy by 3.5% in the 2nd quarter. Legal & General Group Plc now owns 4,646,674 shares of the oil and gas company’s stock valued at $32,827,000 after buying an additional 159,075 shares during the last quarter. Hedge funds and other institutional investors own 54.87% of the company’s stock.

Cenovus Energy Company Profile

Analyst Recommendations for Cenovus Energy (NYSE:CVE)

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