Cenovus closes in on paying off Conoco deal with asset sale

Gladys Abbott
October 22, 2017

Year to date Cenovus Energy Inc.

TRADEMARK VIOLATION WARNING: "Cenovus Energy Inc (CVE) Shares Sold by Bank of Nova Scotia" was first published by Week Herald and is owned by of Week Herald. The company also said that it would still pursue the sale of its Weyburn carbon dioxide (CO2) enhanced oil recovery (EOR) assets in Saskatchewan, and anticipated reaching a sale agreement for them in the fourth quarter of 2017.

The company earlier announced the sale of its Pelican Lake heavy oil operations in northern Alberta for $975 million in cash to cross-town rival Canadian Natural Resources. The correct version of this story can be viewed at https://stocknewstimes.com/2017/10/21/cenovus-energy-inc-cve-price-target-raised-to-c13-00-at-national-bank-financial.html. The firm's 50-day moving average is $14.72 and its 200-day moving average is $14.54.

Several equities analysts have recently commented on the stock. Morgan Stanley downgraded shares of Cenovus Energy from an overweight rating to an equal weight rating in a research note on Wednesday, July 19th. 6628305 shares were traded on Cenovus Energy Inc's last session.

Cenovus Energy Inc (NYSE:CVE)'s trailing twelve month revenues are $11.59 Billion, whereas its price to sales ratio for the same period is 1.02. TD Securities maintained the shares of CVE in report on Friday, December 9 with "Hold" rating. Finally, Seven Eight Capital LLC bought a new stake in Cenovus Energy during the first quarter valued at $261,000. Allegis Investment Advisors LLC now owns 13,933 shares of the oil and gas company's stock worth $103,000 after buying an additional 2,016 shares in the last quarter.

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Currently Cenovus Energy Inc (NYSE:CVE)'s shares owned by insiders are 0.1%, whereas shares owned by institutional owners are 73.1%. FNY Partners Fund LP acquired a new position in shares of Cenovus Energy in the 1st quarter worth approximately $113,000.

Horizon Pharma plc (HZNP) analysts on average have given a price target of $10.54 on HZNP stock. The stock has a market cap of $15.35 billion and a price-to-earnings ratio of 4.19. According to the Analysts, the Low Earnings estimate for the current quarter is $-0.06, while the High earnings estimate is $0.25.Comparatively, EPS for the same quarter a year ago was $-0.02. Cenovus Energy had a return on equity of 3.20% and a net margin of 17.89%. They now have a Dollars 22 price target on the stock.

Cenovus Energy Inc. says it has agreed to sell its Palliser crude oil and natural gas assets in southeastern Alberta to Torxen Energy and Schlumberger for $1.3 billion. During the same period previous year, the business earned ($0.05) earnings per share. Scotiabank reiterated an "outperform" rating and issued a $20.00 price target on shares of Cenovus Energy in a report on Sunday, July 31st.

Covering sell-side analysts have recently weighed in on shares of Cenovus Energy Inc. Investors of record on Friday, September 15th were paid a $0.039 dividend. Also, there are 3 buy, 0 sell and 2 strong sell ratings, collectively assigning a 2.73 average brokerage recommendation. The stock increased 10.53% or $0.0002 on October 19, reaching $0.0021. Aviva PLC increased its stake in Cenovus Energy by 23.4% in the 2nd quarter. With 1,500 avg volume, 0 days are for CAMBRIDGE BANCORP (NASDAQ:CATC)'s short sellers to cover CATC's short positions. Cenovus Energy's dividend payout ratio (DPR) is now 8.89%.

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