Cenovus Energy (NYSE:CVE) Stock Price Down 4.3% - Should You Sell?

Cenovus Energy Inc. (NYSE:CVE - Get Free Report) TSE: CVE fell 4.3% during mid-day 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.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CVE. Veritas cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. The Goldman Sachs Group dropped their price target on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Morgan Stanley reissued an "overweight" rating on shares of Cenovus Energy in a research note on Tuesday, April 15th. National Bank Financial downgraded shares of Cenovus Energy from an "outperform" rating to a "sector perform" rating in a research note on Friday, February 21st. Finally, National Bankshares reissued a "sector perform" rating on shares of Cenovus Energy in a research note on Friday, April 25th. Five analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.75.

Cenovus Energy Stock Performance

The firm's 50 day simple moving average is $12.56 and its 200-day simple moving average is $13.97. 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 company has a market capitalization of $24.04 billion, a price-to-earnings ratio of 10.90 and a beta of 0.94.

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

Hedge Funds Weigh In On Cenovus Energy

A number of hedge funds have recently modified their holdings of CVE. Janney Montgomery Scott LLC acquired a new position in shares of Cenovus Energy in the fourth quarter worth $682,000. Blue Trust Inc. increased its stake in shares of Cenovus Energy by 122.2% in the fourth quarter. Blue Trust Inc. now owns 6,809 shares of the oil and gas company's stock worth $114,000 after acquiring an additional 3,744 shares during the last quarter. Montgomery Investment Management Inc. increased its stake in shares of Cenovus Energy by 1.6% in the fourth quarter. Montgomery Investment Management Inc. now owns 56,535 shares of the oil and gas company's stock worth $857,000 after acquiring an additional 894 shares during the last quarter. AustralianSuper Pty Ltd acquired a new position in shares of Cenovus Energy in the fourth quarter worth $7,123,000. Finally, Sierra Ocean LLC acquired a new position in shares of Cenovus Energy in the fourth quarter worth $67,000. 51.19% of the stock is owned by institutional investors and hedge funds.

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.