Monday, 16 July, 2018

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

Cenovus Energy Cenovus selling Palliser assets in Alberta to Torxen for $1.3B
Nellie Chapman | 20 October, 2017, 09:01

The brokerage presently has a $11.00 target price on the oil and gas company's stock.

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. It operates in the business of developing, producing and marketing crude oil, Natural Gas Liquids and natural gas in Canada. Foster Creek, Christina Lake and Pelican Lake are located in northeast Alberta, and Weyburn is in Saskatchewan. Cenovus Energy's dividend payout ratio is 8.89%.

Several equities analysts have commented on the stock.

Energy stocks were mostly lower but recovering in late day trade, with the NYSE Energy Sector Index (^NYE) falling nearly 0.3% while shares of energy companies in the S&P 500 ( XLE ) were down 0.3% as a group. Goldman Sachs downgraded Cenovus Energy Inc (USA) (NYSE:CVE) on Monday, January 23 to "Sell" rating.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, July 27th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company's stock. The target implies a -8.36% decrease from where the shares are now trading. 1,808,417 shares of the stock were exchanged. The company rocked its 52-Week High of $16.82 and touched its 52-Week Low of $6.76. The firm has a 50-day moving average price of $9.35 and a 200-day moving average price of $8.82. The oil and gas company reported $0.27 earnings per share (EPS) for the quarter, topping the Zacks' consensus estimate of $0.03 by $0.24. The company has market cap of $12.04 billion. Its revenue totaled $4.03 billion up 4.16% from the previous quarter.

Cenovus Energy Inc. on 6/29/2017 reported its EPS as $-0.22 with the analysts projecting the EPS of the stock as $-0.06.

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Other institutional investors have also recently bought and sold shares of the company. Neuberger Berman Group LLC lifted its position in shares of Cenovus Energy by 7.4% during the 1st quarter. FMR LLC now owns 54,026,588 shares of the oil and gas company's stock valued at $398,284,000 after acquiring an additional 10,341,993 shares in the last quarter.

More notable recent Cenovus Energy Inc (USA) (NYSE:CVE) news were published by: Fool.ca which released: "Should You Buy Suncor Energy Inc. or Cenovus Energy Inc". Company expects to use net proceeds, together with $260 mln in cash on hand, for a special $600 mln cash dividend later this year. First Eagle Investment Management LLC increased its holdings in Cenovus Energy by 1.4% during the 2nd quarter.