Cenovus Energy Inc. (NYSE:CVE) Receives $30.00 Average Target Price from Brokerages

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) has been assigned an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $30.00.

Several brokerages recently weighed in on CVE. BMO Capital Markets dropped their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st. StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Finally, TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st.

Hedge Funds Weigh In On Cenovus Energy

Several institutional investors have recently bought and sold shares of the business. Smead Capital Management Inc. lifted its stake in shares of Cenovus Energy by 39.3% in the 3rd quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock valued at $257,831,000 after purchasing an additional 4,351,960 shares during the last quarter. HITE Hedge Asset Management LLC purchased a new stake in Cenovus Energy during the 3rd quarter valued at $11,569,000. Entropy Technologies LP bought a new stake in Cenovus Energy in the third quarter worth $3,472,000. Two Sigma Advisers LP boosted its stake in Cenovus Energy by 44.1% during the third quarter. Two Sigma Advisers LP now owns 1,284,600 shares of the oil and gas company’s stock worth $21,491,000 after buying an additional 393,100 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Cenovus Energy by 11.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,653,192 shares of the oil and gas company’s stock valued at $61,163,000 after acquiring an additional 369,021 shares during the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Up 2.2 %

CVE stock opened at $15.15 on Friday. The business’s 50-day moving average price is $15.59 and its 200-day moving average price is $17.42. The stock has a market cap of $27.65 billion, a P/E ratio of 10.45 and a beta of 2.02. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. Cenovus Energy has a twelve month low of $14.20 and a twelve month high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.08. The business had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $10.25 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The company’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.72 earnings per share. On average, equities research analysts forecast that Cenovus Energy will post 1.48 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were issued a dividend of $0.133 per share. This represents a $0.53 annualized dividend and a dividend yield of 3.51%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date was Friday, December 13th. Cenovus Energy’s dividend payout ratio is 36.55%.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.