Goldman Sachs Group Inc. lowered shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) from a conviction-buy rating to a buy rating in a report released on Monday morning, The Fly reports.
A number of other research firms have also commented on CVE. Bank of America Corp. assumed coverage on shares of Cenovus Energy in a research note on Friday, August 19th. They set a neutral rating and a $17.00 price objective on the stock. Zacks Investment Research lowered shares of Cenovus Energy from a hold rating to a sell rating in a research note on Thursday, October 27th. Barclays PLC reiterated an overweight rating and set a $24.00 price objective on shares of Cenovus Energy in a research note on Monday, October 10th. RBC Capital Markets reiterated an outperform rating and set a $23.00 price objective on shares of Cenovus Energy in a research note on Wednesday, October 26th. Finally, TD Securities restated a hold rating and set a $21.00 target price on shares of Cenovus Energy in a report on Saturday, October 29th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $20.31.
Shares of Cenovus Energy (NYSE:CVE) opened at 14.49 on Monday. The stock’s 50 day moving average price is $14.83 and its 200-day moving average price is $14.54. The firm’s market capitalization is $12.07 billion. Cenovus Energy has a 12-month low of $9.10 and a 12-month high of $16.56.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 15th will be paid a dividend of $0.0376 per share. This represents a $0.15 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date of this dividend is Tuesday, December 13th. Cenovus Energy’s dividend payout ratio (DPR) is currently -12.93%.
Several large investors have recently modified their holdings of CVE. Cumberland Partners Ltd raised its stake in shares of Cenovus Energy by 4.4% in the second quarter. Cumberland Partners Ltd now owns 16,500 shares of the company’s stock worth $227,000 after buying an additional 700 shares during the period. K.J. Harrison & Partners Inc increased its position in Cenovus Energy by 146.9% in the second quarter. K.J. Harrison & Partners Inc now owns 125,980 shares of the company’s stock worth $1,731,000 after buying an additional 74,950 shares in the last quarter. Bank of Montreal Can acquired a new position in Cenovus Energy during the second quarter worth $289,644,000. Shell Asset Management Co. increased its position in Cenovus Energy by 2.3% in the second quarter. Shell Asset Management Co. now owns 130,032 shares of the company’s stock worth $2,324,000 after buying an additional 2,969 shares in the last quarter. Finally, DORCHESTER WEALTH MANAGEMENT Co increased its position in Cenovus Energy by 631.8% in the second quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 176,914 shares of the company’s stock worth $2,448,000 after buying an additional 152,740 shares in the last quarter. 67.22% of the stock is owned by institutional investors.
About Cenovus Energy
Cenovus Energy Inc is a Canada-based integrated oil company. It is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas. Its segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations. The Oil Sands segment includes the development and production of bitumen and natural gas in northeast Alberta.