Cenovus Energy (NYSE:CVE) Downgraded by The Goldman Sachs Group to Neutral

The Goldman Sachs Group lowered shares of Cenovus Energy (NYSE:CVEGet Rating) (TSE:CVE) from a buy rating to a neutral rating in a report released on Monday morning, Marketbeat Ratings reports. They currently have $23.00 price objective on the oil and gas company’s stock.

Other analysts have also issued research reports about the stock. Credit Suisse Group reissued an outperform rating and issued a $37.00 price target on shares of Cenovus Energy in a research report on Thursday, August 11th. Raymond James boosted their price objective on shares of Cenovus Energy from C$30.00 to C$32.00 in a research note on Thursday, November 3rd. Scotiabank reduced their price objective on shares of Cenovus Energy from C$34.00 to C$33.00 in a research note on Thursday, October 13th. Jefferies Financial Group began coverage on shares of Cenovus Energy in a research note on Wednesday, October 19th. They issued a buy rating for the company. Finally, StockNews.com began coverage on shares of Cenovus Energy in a research note on Wednesday, October 12th. They issued a buy rating for the company. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $29.56.

Cenovus Energy Stock Performance

Shares of CVE stock opened at $19.74 on Monday. The firm has a market cap of $37.88 billion, a price-to-earnings ratio of 9.82 and a beta of 2.33. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.00 and a current ratio of 1.55. Cenovus Energy has a 52 week low of $10.72 and a 52 week high of $24.91. The firm’s 50-day simple moving average is $18.68 and its two-hundred day simple moving average is $19.15.

Cenovus Energy Cuts Dividend

The firm also recently disclosed a dividend, which will be paid on Friday, December 2nd. Stockholders of record on Friday, November 18th will be issued a $0.114 dividend. The ex-dividend date is Thursday, November 17th. Cenovus Energy’s payout ratio is 14.93%.

Institutional Investors Weigh In On Cenovus Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVE. GQG Partners LLC bought a new stake in Cenovus Energy during the 2nd quarter valued at $609,445,000. Egerton Capital UK LLP bought a new position in Cenovus Energy in the 2nd quarter worth $348,567,000. Point72 Asset Management L.P. bought a new position in Cenovus Energy in the 3rd quarter worth $130,292,000. Wellington Management Group LLP raised its holdings in Cenovus Energy by 68.8% in the 1st quarter. Wellington Management Group LLP now owns 19,871,360 shares of the oil and gas company’s stock worth $331,500,000 after purchasing an additional 8,098,474 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in Cenovus Energy by 67.3% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 19,233,363 shares of the oil and gas company’s stock worth $320,528,000 after purchasing an additional 7,734,187 shares in the last quarter. 50.30% of the stock is currently owned by institutional investors.

Cenovus Energy Company Profile

(Get Rating)

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada, the United States, and the Asia Pacific region. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, U.S. Manufacturing, and Retail segments.

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Analyst Recommendations for Cenovus Energy (NYSE:CVE)

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