Cenovus Energy (NYSE:CVE) Shares Gap Down – What’s Next?

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $17.53, but opened at $16.92. Cenovus Energy shares last traded at $16.0830, with a volume of 10,313,441 shares.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Zacks Research raised shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cenovus Energy in a research report on Thursday, October 30th. TD Securities restated a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, December 3rd. BMO Capital Markets set a $29.00 price objective on Cenovus Energy in a research note on Monday, November 17th. Finally, National Bankshares restated an “outperform” rating on shares of Cenovus Energy in a research note on Wednesday, September 10th. Four research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Cenovus Energy presently has an average rating of “Buy” and a consensus price target of $27.00.

Cenovus Energy Stock Down 5.3%

The company has a quick ratio of 1.18, a current ratio of 1.73 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $31.27 billion, a price-to-earnings ratio of 13.60 and a beta of 0.49. The business’s 50-day moving average is $17.43 and its 200-day moving average is $16.35.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.12. The firm had revenue of $10.87 billion during the quarter, compared to analyst estimates of $12.51 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 6.23%.Cenovus Energy’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 EPS. As a group, equities analysts predict that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were given a $0.20 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a yield of 4.8%. Cenovus Energy’s dividend payout ratio is presently 46.72%.

Institutional Investors Weigh In On Cenovus Energy

Institutional investors and hedge funds have recently modified their holdings of the company. Amundi boosted its holdings in Cenovus Energy by 1.4% in the first quarter. Amundi now owns 4,743,585 shares of the oil and gas company’s stock valued at $61,145,000 after purchasing an additional 64,609 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Cenovus Energy in the first quarter valued at $1,274,000. Jones Financial Companies Lllp raised its position in shares of Cenovus Energy by 574.8% during the 1st quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock worth $301,000 after purchasing an additional 18,405 shares during the last quarter. Yaupon Capital Management LP acquired a new stake in shares of Cenovus Energy during the 1st quarter worth about $19,735,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Cenovus Energy by 6.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock worth $10,397,000 after buying an additional 44,125 shares during the period. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.