Cenovus Energy (CVE) Trading Down 5.1%

Shares of Cenovus Energy Inc (TSE:CVE) (NYSE:CVE) dropped 5.1% on Thursday . The company traded as low as C$9.15 and last traded at C$9.38. Approximately 6,852,329 shares were traded during trading, an increase of 58% from the average daily volume of 4,327,569 shares. The stock had previously closed at C$9.88.

CVE has been the subject of a number of recent analyst reports. Scotiabank downgraded shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating and set a C$14.00 target price for the company. in a research report on Wednesday, November 15th. AltaCorp Capital downgraded shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Thursday, November 9th. Citigroup increased their target price on shares of Cenovus Energy from C$10.00 to C$13.00 in a research report on Monday, December 11th. CIBC increased their target price on shares of Cenovus Energy from C$14.50 to C$16.00 in a research report on Tuesday, November 14th. Finally, National Bank Financial increased their target price on shares of Cenovus Energy from C$12.50 to C$13.00 and gave the company a “sector perform” rating in a research report on Friday, October 20th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of C$15.40.

The company has a market capitalization of $12,140.00, a price-to-earnings ratio of 3.25 and a beta of 0.29.

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.11%. Cenovus Energy’s dividend payout ratio is currently 6.99%.

In related news, insider Ivor Melvin Ruste acquired 30,000 shares of the company’s stock in a transaction on Monday, November 20th. The shares were acquired at an average cost of C$12.47 per share, for a total transaction of C$374,100.00. Also, Director Alex Pourbaix acquired 81,433 shares of the company’s stock in a transaction on Tuesday, November 21st. The shares were bought at an average price of C$12.28 per share, for a total transaction of C$999,997.24.

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Cenovus Energy Company Profile

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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