Cenovus agrees to sell Palliser assets for US$1 billion

Tammy Harvey
October 22, 2017

The stock increased 2.25% or $0.22 during the last trading session, reaching $10.01.

Several analysts recently weighed in on CVE shares. The stock's market capitalization is 12.30B.

Cenovus Energy Inc (NYSE:CVE) 52-week high price stands at $16.82 and low price stands at $6.76, its price distance from 52-week high is -41.8% while its distance from 52-week low price is 44.82%. Neuberger Berman Group LLC lifted its holdings in Cenovus Energy by 7.4% during the 1st quarter.

The Palliser divestiture in southern Alberta "will significantly allay concerns that the company may not reach its asset sales target by the end of this year", Paul Cheng, an analyst at Barclays Plc, said in a research note. The legal version of this report can be viewed at https://baseballnewssource.com/markets/cenovus-energys-cve-buy-rating-reaffirmed-at-royal-bank-of-canada/1720081.html. Cenovus Energy Inc (TSE:CVE) has 0.00% since October 20, 2016 and is. CIBC increased their target price on shares of Cenovus Energy from C$12.50 to C$14.50 in a research report on Monday, October 2nd.

Schlumberger will be the majority non-operating owner of the Palliser Block, with the rights to exclusive service provision, while Torxen, which is headed by former Cenovus Energy COO John Brannan, will be the operator. FNY Partners Fund LP purchased a new position in shares of Cenovus Energy during the 1st quarter valued at $113,000. Allegis Investment Advisors LLC now owns 13,933 shares of the oil and gas company's stock worth $103,000 after purchasing an additional 2,016 shares in the last quarter. 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 (TSE:CVE) earned "Outperform" rating by National Bank Canada on Friday, February 12. Cenovus Energy had a return on equity of 3.20% and a net margin of 17.89%.

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. To measure price-variation, we found CVE's volatility during a week at 2.4% and during a month it has been found around 2.57%. The company has a 50-day moving average price of $11.75 and a 200 day moving average price of $11.43. During the same quarter a year ago, the business posted ($0.05) earnings per share. 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.

07/04/2017 - Cenovus Energy Inc was downgraded to "underperform" by analysts at Raymond James.

The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were given a dividend of $0.05 per share. The ex-dividend date was Thursday, September 14th. BidaskClub lowered Cenovus Energy from a sell rating to a strong sell rating in a research report on Thursday, June 22nd. This represents a $0.16 annualized dividend and a yield of 1.57%. Cenovus Energy's dividend payout ratio (DPR) is presently 8.89%. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. They now have $11.00 target price on the oil and gas company's stock.

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