Cenovus Energy Inc. (NYSE:CVE) Receives $29.25 Average PT from Analysts

Shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) have been assigned a consensus recommendation of “Moderate Buy” from the six ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $29.25.

Several equities research analysts have issued reports on the stock. StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th. Royal Bank of Canada decreased their price target on shares of Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Finally, National Bank Financial cut shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, February 21st.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Truvestments Capital LLC purchased a new position in Cenovus Energy in the third quarter valued at approximately $25,000. Farther Finance Advisors LLC raised its holdings in Cenovus Energy by 104.9% in the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 851 shares during the period. Sierra Ocean LLC purchased a new position in Cenovus Energy in the fourth quarter valued at approximately $67,000. Blue Trust Inc. raised its holdings in Cenovus Energy by 54.7% in the fourth quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock valued at $72,000 after buying an additional 1,677 shares during the period. Finally, Natixis purchased a new position in Cenovus Energy in the fourth quarter valued at approximately $98,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $13.64 on Thursday. The stock has a market cap of $24.86 billion, a price-to-earnings ratio of 11.27 and a beta of 1.99. Cenovus Energy has a 52 week low of $12.08 and a 52 week high of $21.90. The company’s 50-day moving average price is $14.47 and its 200 day moving average price is $15.62. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.27). Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $11.08 billion. As a group, research analysts forecast that Cenovus Energy will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.1269 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.51 annualized dividend and a dividend yield of 3.72%. Cenovus Energy’s payout ratio is currently 40.50%.

About Cenovus Energy

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.