Cenovus Energy Inc. (NYSE:CVE) Receives Average Recommendation of “Buy” from Analysts

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) has earned an average rating of “Buy” from the four brokerages that are currently covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a buy recommendation. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $30.67.

A number of brokerages have recently issued reports on CVE. StockNews.com lowered shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 26th. Raymond James upgraded Cenovus Energy to a “moderate buy” rating in a research note on Tuesday, May 28th. Finally, Scotiabank reduced their target price on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th.

Cenovus Energy Price Performance

CVE stock opened at $18.54 on Friday. The company has a market capitalization of $34.47 billion, a PE ratio of 10.30 and a beta of 2.07. The company has a quick ratio of 1.01, a current ratio of 1.70 and a debt-to-equity ratio of 0.25. The stock’s 50 day moving average is $19.36 and its two-hundred day moving average is $19.48. Cenovus Energy has a 52-week low of $14.69 and a 52-week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). Cenovus Energy had a return on equity of 16.68% and a net margin of 8.56%. The company had revenue of $10.88 billion during the quarter, compared to the consensus estimate of $9.78 billion. Analysts predict that Cenovus Energy will post 1.93 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a dividend of $0.132 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.53 annualized dividend and a yield of 2.85%. Cenovus Energy’s dividend payout ratio (DPR) is 28.89%.

Hedge Funds Weigh In On Cenovus Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. SVB Wealth LLC raised its position in shares of Cenovus Energy by 2.6% during the 1st quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company’s stock worth $394,000 after purchasing an additional 507 shares during the period. Lindbrook Capital LLC grew its stake in Cenovus Energy by 17.6% during the 1st quarter. Lindbrook Capital LLC now owns 4,240 shares of the oil and gas company’s stock worth $85,000 after buying an additional 636 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Cenovus Energy by 8.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after buying an additional 643 shares during the period. Fifth Third Bancorp lifted its stake in Cenovus Energy by 80.3% in the first quarter. Fifth Third Bancorp now owns 1,453 shares of the oil and gas company’s stock valued at $29,000 after buying an additional 647 shares during the last quarter. Finally, Spire Wealth Management boosted its holdings in shares of Cenovus Energy by 41.9% during the fourth quarter. Spire Wealth Management now owns 2,305 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 681 shares during the period. 51.19% of the stock is currently owned by institutional investors and hedge funds.

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.