Canada's Cenovus to divest Palliser oil and gas assets for $1bn

Canada's Cenovus to divest Palliser oil and gas assets for $1bn

Shares of Cenovus Energy (NYSE CVE) traded down 1.00% during midday trading on Thursday, reaching $9.91. "We continue to target between C$4 billion and C$5 billion [US$3 billion and US$4 billion] in announced asset sale agreements by the end of the year, and we remain committed to returning to our long-term debt ratio target". The subsequent divestiture process has been closely watched by investors concerned that low energy prices may reduce Cenovus's proceeds. Scotiabank reiterated an "outperform" rating and issued a $20.00 price target on shares of Cenovus Energy in a report on Sunday, July 31st. Quantitative Investment Management LLC purchased a new position in Cenovus Energy in the 2nd quarter worth about $14,036,000. (NYSE:CVE). At the time of writing, the First Call consensus price target for the company is $10.54. The original version of this piece of content can be accessed at https://www.truebluetribune.com/2017/10/19/cenovus-energy-inc-cve-given-buy-rating-at-canaccord-genuity.html.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, July 27th.

In a research note issued to clients and investors by National Bank Financial on Friday, 20 October, Cenovus Energy (TSE:CVE) had its target price upped to $13.00. TD Securities maintained the shares of CVE in report on Friday, December 9 with "Hold" rating. 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 previous year was $-0.02. For the quarter, shares have been noted at 28.65%. Similar statistics are true for the second largest owner, Royal Bank Of Canada, which owns 52,570,744 shares of the stock are valued at $514.67 million. Allegis Investment Advisors LLC lifted its holdings in Cenovus Energy by 16.9% during the 2nd quarter. Morgan Stanley set a $15.00 target price on shares of Cenovus Energy and gave the stock a "buy" rating in a research report on Friday, October 13th.

The ratios of the return on assets (ROA) and the return on owner's equity (ROE) are the most used profitability ratios in the analysis while ROI deals with the invested cash in the company and the return the investor realize on that money based on the net profit of the business.

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Integrated oil firm Cenovus Energy has agreed to divest its Palliser crude oil and natural gas assets in southeastern Alberta, Canada to Torxen Energy and Schlumberger for C$1.3bn ($1bn). During the same quarter past year, the business posted ($0.05) earnings per share. These shares are 5.29% off its target price of $10.54 and the current market capitalization stands at $12.07B.

Covering sell-side analysts have recently weighed in on shares of Cenovus Energy Inc.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. When we look at the Volatility of the company, Week Volatility is at 2.40% whereas Month Volatility is at 2.57%. Stockholders of record on Friday, September 15th were issued a $0.039 dividend. This represents a change of -0.40% from the opening. The ex-dividend date was Thursday, September 14th. Four analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. Barclays PLC boosted its stake in Cenovus Energy by 35.3% in the first quarter.

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