Cenovus Energy (NYSE:CVE) Stock Price Down 4.3% - What's Next?

Cenovus Energy Inc. (NYSE:CVE - Get Free Report) TSE: CVE's share price fell 4.3% on Wednesday . The stock traded as low as $13.16 and last traded at $12.98. 5,327,861 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 9,236,819 shares. The stock had previously closed at $13.57.

Analyst Upgrades and Downgrades

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Several research firms have issued reports on CVE. The Goldman Sachs Group cut their price target on shares of Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. National Bankshares restated a "sector perform" rating on shares of Cenovus Energy in a report on Friday, April 25th. Veritas lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Royal Bank of Canada reiterated an "outperform" rating and issued a $25.00 price objective on shares of Cenovus Energy in a research report on Friday, April 11th. Finally, National Bank Financial lowered Cenovus Energy from an "outperform" rating to a "sector perform" rating in a research note on Friday, February 21st. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Cenovus Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $25.75.

Get Our Latest Stock Analysis on Cenovus Energy

Cenovus Energy Trading Down 4.5%

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The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The firm has a market capitalization of $23.62 billion, a PE ratio of 10.71 and a beta of 0.94. The stock's 50-day simple moving average is $12.59 and its 200-day simple moving average is $14.00.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings results on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.03. The company had revenue of $11.15 billion during the quarter, compared to the consensus estimate of $12.39 billion. Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. During the same period in the prior year, the firm earned $0.62 earnings per share. As a group, sell-side analysts expect that Cenovus Energy Inc. will post 1.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Cenovus Energy

Hedge funds have recently made changes to their positions in the company. Toronto Dominion Bank lifted its position in Cenovus Energy by 91.7% during the fourth quarter. Toronto Dominion Bank now owns 7,233,491 shares of the oil and gas company's stock valued at $109,515,000 after buying an additional 3,460,311 shares during the period. Polar Asset Management Partners Inc. boosted its stake in Cenovus Energy by 79.8% during the fourth quarter. Polar Asset Management Partners Inc. now owns 125,637 shares of the oil and gas company's stock worth $1,903,000 after acquiring an additional 55,780 shares in the last quarter. Franklin Resources Inc. grew its holdings in Cenovus Energy by 105.0% in the fourth quarter. Franklin Resources Inc. now owns 4,337,551 shares of the oil and gas company's stock worth $65,667,000 after purchasing an additional 2,221,549 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Cenovus Energy by 4.9% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,226,155 shares of the oil and gas company's stock valued at $79,176,000 after purchasing an additional 245,302 shares in the last quarter. Finally, Amundi lifted its holdings in shares of Cenovus Energy by 1.7% during the fourth quarter. Amundi now owns 4,678,976 shares of the oil and gas company's stock valued at $71,775,000 after purchasing an additional 77,548 shares during the last quarter. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.

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