Zacks Investment Research downgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a hold rating to a sell rating in a research report released on Monday morning.
According to Zacks, “Cenovus Energy Inc. is a Canadian integrated oil company. Operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface, and established natural gas and oil production in Alberta and British Columbia. The company also has 50% ownership in two U.S. refineries. “
A number of other equities analysts also recently commented on CVE. UBS Group began coverage on Cenovus Energy in a report on Wednesday, March 7th. They set a neutral rating for the company. ValuEngine downgraded Cenovus Energy from a sell rating to a strong sell rating in a report on Thursday, March 1st. Desjardins restated a hold rating on shares of Cenovus Energy in a report on Friday, January 12th. AltaCorp Capital upgraded Cenovus Energy from a sector perform rating to an outperform rating in a report on Friday, February 16th. Finally, Scotiabank downgraded Cenovus Energy from an outperform rating to a sector perform rating in a report on Wednesday, November 15th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $14.42.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, February 15th. The oil and gas company reported ($0.35) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.45). Cenovus Energy had a net margin of 18.92% and a return on equity of 0.53%. The company had revenue of $4 billion during the quarter, compared to the consensus estimate of $3.95 billion. During the same quarter in the previous year, the firm posted $0.39 EPS. equities research analysts forecast that Cenovus Energy will post 0.22 EPS for the current fiscal year.
The firm 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 dividend of $0.0398 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Wednesday, March 14th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s dividend payout ratio is currently 6.99%.
Several institutional investors have recently made changes to their positions in CVE. Sowell Financial Services LLC purchased a new stake in Cenovus Energy in the third quarter worth $106,000. Timber Hill LLC purchased a new stake in Cenovus Energy in the third quarter worth $114,000. QS Investors LLC purchased a new stake in Cenovus Energy in the fourth quarter worth $121,000. Cutler Capital Management LLC purchased a new stake in Cenovus Energy in the third quarter worth $125,000. Finally, First Allied Advisory Services Inc. purchased a new stake in Cenovus Energy in the third quarter worth $125,000. Institutional investors own 75.80% of the company’s stock.
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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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