Cenovus Energy (NYSE:CVE) Shares Gap Down – Here’s Why

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE)’s share 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.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. National Bankshares reissued an “outperform” rating on shares of Cenovus Energy in a research report on Wednesday, September 10th. Zacks Research upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 16th. Royal Bank Of Canada boosted their price target on Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, November 17th. Raymond James Financial raised Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a report on Thursday, October 9th. Finally, Wall Street Zen upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Four research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $27.00.

Cenovus Energy Stock Down 2.4%

The company has a market cap of $29.85 billion, a P/E ratio of 12.99 and a beta of 0.49. 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 fifty day moving average of $17.41 and a 200 day moving average of $16.38.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The company had revenue of $10.87 billion for the quarter, compared to the consensus estimate 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 was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.42 earnings per share. On average, research analysts anticipate that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were issued 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 dividend yield of 5.0%. Cenovus Energy’s dividend payout ratio (DPR) is presently 46.72%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Capital Research Global Investors grew its position in shares of Cenovus Energy by 291.3% during the 3rd quarter. Capital Research Global Investors now owns 106,582,971 shares of the oil and gas company’s stock valued at $1,809,758,000 after acquiring an additional 79,345,506 shares during the period. Vanguard Group Inc. grew its holdings in Cenovus Energy by 0.6% during the third quarter. Vanguard Group Inc. now owns 56,327,634 shares of the oil and gas company’s stock valued at $956,387,000 after purchasing an additional 354,241 shares during the period. Mackenzie Financial Corp grew its holdings in Cenovus Energy by 46.7% during the third quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock valued at $520,196,000 after purchasing an additional 9,753,134 shares during the period. Boston Partners increased its position in Cenovus Energy by 2.3% in the second quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company’s stock worth $365,097,000 after buying an additional 606,042 shares in the last quarter. Finally, Smead Capital Management Inc. raised its stake in shares of Cenovus Energy by 13.3% in the second quarter. Smead Capital Management Inc. now owns 17,552,075 shares of the oil and gas company’s stock worth $238,999,000 after buying an additional 2,056,163 shares during the period. 51.19% of the stock is currently owned by institutional investors.

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.