Cenovus selling Palliser assets in Alberta to Torxen for $1.3B

Randall Padilla
Октября 22, 2017

In late March Cenovus announced the $17.7 billion acquisition of most of the Canadian assets of Houston-based ConocoPhillips, along with a plan to raise $3 billion by issuing new shares and the marketing of its Pelican Lake and Suffield operations. Through this figure traders can analyze that CVE show whether or not a stock now most active and standing in buying side or sell side. The company's market cap is $12.07 Billion, and the average volume is $4.74 Million. The subsequent divestiture process has been closely watched by investors concerned that low energy prices may reduce Cenovus's proceeds. Neuberger Berman Group LLC lifted its holdings in Cenovus Energy by 7.4% during the 1st quarter. Cenovus Energy presently has an average rating of Hold and a consensus target price of $16.06. The original version of this report can be viewed at https://www.dispatchtribunal.com/2017/10/20/cenovus-energy-inc-cve-upgraded-to-buy-at-zacks-investment-research.html.

Currently Cenovus Energy Inc (NYSE:CVE)'s shares owned by insiders are 0.1%, whereas shares owned by institutional owners are 73.1%. Cenovus said it anticipates reaching a sale agreement for the Weyburn asset in the fourth quarter.

A number of other hedge funds also recently added to or reduced their stakes in CVE. 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 past year was $-0.02. FNY Partners Fund LP purchased a new position in shares of Cenovus Energy during the 1st quarter valued at $113,000. The institutional investor owned 639,848 shares of the company's stock after selling 1,050 shares during the period. Cigna Investments Inc. New bought a new stake in Cenovus Energy in the second quarter worth about $110,000. The stock of Cenovus Energy Inc (USA) (NYSE:CVE) has "Neutral" rating given on Tuesday, January 26 by UBS.

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Canadian independent Cenovus Energy has signed a C$1.3 billion (US$1 billion) deal to sell its Palliser crude oil and natural gas assets in southeastern Alberta to Torxen Energy and Schlumberger. This will give analytical advantage to a shorter-term trader since it pursues the price more intimately, and consequently produces less "lag" as comparison to the longer-term moving average. During the same quarter past year, the business posted ($0.05) earnings per share.

Additionally on 6/27/17 National Bank Financial "Initiates Coverage On" Cenovus Energy Inc (NYSE:CVE) to Sector Perform setting price target at $0 and on 6/22/17 Goldman Sachs "Reinstates" the stock to Neutral at $0. BidaskClub lowered Cenovus Energy from a sell rating to a strong sell rating in a research report on Thursday, June 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. After $0.27 actual earnings per share reported by Cenovus Energy Inc for the previous quarter, Wall Street now forecasts -81.48% negative EPS growth.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 30th. This represents a $0.15 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend was Thursday, September 14th. Aviva PLC increased its stake in Cenovus Energy by 23.4% in the 2nd quarter. Cenovus Energy's payout ratio is -12.93%.

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