Cenovus Energy (CVE) Trading Down 6.3%

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) fell 6.3% during trading on Thursday . The stock traded as low as $7.79 and last traded at $7.79. 6,478,995 shares were traded during trading, an increase of 65% from the average session volume of 3,921,670 shares. The stock had previously closed at $8.31.

Several brokerages have commented on CVE. AltaCorp Capital downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Thursday, November 9th. Desjardins reiterated a “hold” rating on shares of Cenovus Energy in a research note on Friday, January 12th. Scotiabank downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, November 15th. Zacks Investment Research downgraded Cenovus Energy from a “hold” rating to a “sell” rating in a research note on Monday, January 8th. Finally, Canaccord Genuity reiterated a “buy” rating and set a $15.50 target price on shares of Cenovus Energy in a research note on Thursday, October 19th. Five research analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $14.42.

The stock has a market cap of $8,760.00, a price-to-earnings ratio of 3.27, a price-to-earnings-growth ratio of 5.99 and a beta of 0.67. The company has a current ratio of 1.41, a quick ratio of 1.10 and a debt-to-equity ratio of 0.62.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVE. ConocoPhillips bought a new position in shares of Cenovus Energy during the 4th quarter valued at $1,899,040,000. Burgundy Asset Management Ltd. lifted its holdings in shares of Cenovus Energy by 49.0% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 25,289,102 shares of the oil and gas company’s stock valued at $186,301,000 after buying an additional 8,322,165 shares during the period. Great West Life Assurance Co. Can lifted its holdings in shares of Cenovus Energy by 127.2% during the 3rd quarter. Great West Life Assurance Co. Can now owns 8,766,311 shares of the oil and gas company’s stock valued at $87,746,000 after buying an additional 4,907,358 shares during the period. Hexavest Inc. lifted its holdings in shares of Cenovus Energy by 78.1% during the 4th quarter. Hexavest Inc. now owns 10,052,201 shares of the oil and gas company’s stock valued at $92,102,000 after buying an additional 4,406,617 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in shares of Cenovus Energy by 46.3% during the 3rd quarter. CIBC Asset Management Inc now owns 11,318,166 shares of the oil and gas company’s stock valued at $113,177,000 after buying an additional 3,583,671 shares during the period. 56.78% of the stock is currently owned by hedge funds and other institutional investors.

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Cenovus Energy Company Profile

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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