Cenovus Energy Inc (NYSE:CVE) Receives $35.25 Average Target Price from Analysts

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have been assigned a consensus rating of “Buy” from the fifteen research firms that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $35.25.

Several equities analysts have issued reports on CVE shares. Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, July 7th. Wall Street Zen cut Cenovus Energy from a “strong-buy” rating to a “buy” rating in a report on Saturday. Raymond James Financial cut Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. Royal Bank Of Canada lifted their price target on Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a research note on Tuesday, May 19th. Finally, Lake Street Capital set a $36.00 price objective on Cenovus Energy in a report on Wednesday, May 13th.

Cenovus Energy Stock Down 1.2%

Shares of NYSE:CVE opened at $27.71 on Friday. Cenovus Energy has a fifty-two week low of $14.48 and a fifty-two week high of $32.07. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. The firm’s 50-day simple moving average is $27.31 and its 200-day simple moving average is $24.99. The company has a market cap of $51.56 billion, a price-to-earnings ratio of 15.22 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.05. The firm had revenue of $10.79 billion during the quarter, compared to analysts’ expectations of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.47 earnings per share. As a group, equities research analysts predict that Cenovus Energy will post 3.02 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 3.2%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 15th. Cenovus Energy’s dividend payout ratio is 35.16%.

Hedge Funds Weigh In On Cenovus Energy

Institutional investors and hedge funds have recently made changes to their positions in the stock. Jones Financial Companies Lllp lifted its stake in shares of Cenovus Energy by 574.8% in the first quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock valued at $301,000 after purchasing an additional 18,405 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Cenovus Energy by 6.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock worth $10,397,000 after buying an additional 44,125 shares during the period. Prudential Financial Inc. purchased a new position in Cenovus Energy in the second quarter valued at about $525,000. EverSource Wealth Advisors LLC increased its holdings in Cenovus Energy by 57.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock valued at $67,000 after buying an additional 1,800 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Cenovus Energy during the 2nd quarter valued at approximately $495,000. 51.19% of the stock is owned by institutional investors and hedge funds.

About Cenovus Energy

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.