Cenovus Energy (NYSE:CVE) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a hold rating to a strong-buy rating in a research report released on Monday,Zacks reports.

A number of other equities research analysts have also weighed in on the company. Scotiabank reaffirmed an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Desjardins raised Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating in a report on Tuesday, September 8th. Wall Street Zen upgraded Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Sunday, September 13th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, August 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $39.00.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at $30.98 on Monday. The stock has a market cap of $57.09 billion, a P/E ratio of 11.92 and a beta of 0.35. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63. The stock’s fifty day moving average is $31.20 and its 200 day moving average is $28.46. Cenovus Energy has a one year low of $15.63 and a one year high of $34.16.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.11. The business had revenue of $14.59 billion for the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The company’s revenue was up 47.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.45 EPS. Sell-side analysts anticipate that Cenovus Energy will post 3.57 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were given a dividend of C$0.22 per share. The ex-dividend date was Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.8%. Cenovus Energy’s dividend payout ratio (DPR) is currently 24.23%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Core Capital Management & Research inc. acquired a new position in shares of Cenovus Energy during the second quarter worth $496,000. Sequoia Financial Advisors LLC lifted its stake in Cenovus Energy by 11.0% during the second quarter. Sequoia Financial Advisors LLC now owns 46,542 shares of the oil and gas company’s stock worth $1,155,000 after purchasing an additional 4,611 shares during the last quarter. Cidel Asset Management Inc. acquired a new position in Cenovus Energy in the second quarter valued at approximately $14,630,000. Integrated Wealth Concepts LLC raised its holdings in Cenovus Energy by 8.2% during the second quarter. Integrated Wealth Concepts LLC now owns 27,930 shares of the oil and gas company’s stock worth $693,000 after purchasing an additional 2,109 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in shares of Cenovus Energy by 274.9% in the 2nd quarter. NewEdge Advisors LLC now owns 39,406 shares of the oil and gas company’s stock valued at $978,000 after buying an additional 28,895 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Company Profile

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids, with a significant focus on oil sands operations in Alberta. Its upstream activities include oil sands mining and in situ production, conventional oil and gas production, and the upgrading of heavy crude into synthetic crude oil.

Cenovus also operates in the downstream energy sector through crude oil refining, petroleum upgrading, marketing and distribution.