Cenovus Energy (NYSE:CVE) Trading Down 4.3% - Here's What Happened

Cenovus Energy Inc. (NYSE:CVE - Get Free Report) TSE: CVE's share price traded down 4.3% during trading on Wednesday . The stock traded as low as $13.16 and last traded at $12.98. 5,327,861 shares changed 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 Ratings Changes

Several equities analysts have commented on the company. Morgan Stanley reaffirmed an "overweight" rating on shares of Cenovus Energy in a report on Tuesday, April 15th. National Bankshares reaffirmed a "sector perform" rating on shares of Cenovus Energy in a report on Friday, April 25th. Royal Bank of Canada reissued an "outperform" rating and issued a $25.00 target price on shares of Cenovus Energy in a research note on Friday, April 11th. Scotiabank raised Cenovus Energy to a "strong-buy" rating in a research note on Wednesday, March 19th. Finally, The Goldman Sachs Group reduced their price target on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $25.75.

Cenovus Energy Trading Up 2.5%

The company has a market capitalization of $24.68 billion, a P/E ratio of 11.19 and a beta of 0.94. The business has a fifty day moving average price of $12.55 and a 200 day moving average price of $13.94. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24.

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

Institutional Trading of Cenovus Energy

A number of institutional investors have recently modified their holdings of the company. Capital World Investors lifted its holdings in shares of Cenovus Energy by 15.8% in the fourth quarter. Capital World Investors now owns 191,412,590 shares of the oil and gas company's stock valued at $2,901,131,000 after purchasing an additional 26,127,617 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Cenovus Energy by 8.8% in the first quarter. Vanguard Group Inc. now owns 54,483,601 shares of the oil and gas company's stock valued at $757,213,000 after acquiring an additional 4,401,045 shares during the last quarter. Capital International Investors increased its position in shares of Cenovus Energy by 0.7% in the fourth quarter. Capital International Investors now owns 53,572,829 shares of the oil and gas company's stock valued at $811,769,000 after acquiring an additional 382,519 shares during the last quarter. Mackenzie Financial Corp increased its position in shares of Cenovus Energy by 56.5% in the first quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock valued at $270,742,000 after acquiring an additional 7,035,004 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Cenovus Energy by 33.6% in the first quarter. Dimensional Fund Advisors LP now owns 17,363,386 shares of the oil and gas company's stock valued at $241,513,000 after acquiring an additional 4,362,384 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.