Cenovus Energy Inc (NYSE:CVE) Receives $27.00 Consensus Target Price from Brokerages

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have been given an average rating of “Buy” by the thirteen analysts that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold rating, seven have given a buy rating and four have issued a strong buy rating on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $27.00.

A number of analysts recently issued reports on the company. Wall Street Zen upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Cenovus Energy in a research report on Thursday, October 30th. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a report on Thursday, November 20th. BMO Capital Markets set a $29.00 price objective on shares of Cenovus Energy in a research note on Monday, November 17th. Finally, The Goldman Sachs Group initiated coverage on shares of Cenovus Energy in a report on Friday, January 2nd. They set a “buy” rating and a $20.00 target price on the stock.

Cenovus Energy Stock Up 0.1%

CVE opened at $16.41 on Wednesday. Cenovus Energy has a 12 month low of $10.23 and a 12 month high of $18.75. The company has a market cap of $30.91 billion, a PE ratio of 13.45 and a beta of 0.49. The company has a current ratio of 1.73, a quick ratio of 1.18 and a debt-to-equity ratio of 0.25. The company has a 50 day moving average of $17.36 and a 200 day moving average of $16.43.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.12. Cenovus Energy had a return on equity of 10.73% and a net margin of 6.23%.The firm had revenue of $10.87 billion for the quarter, compared to the consensus estimate of $12.51 billion. During the same quarter in the prior year, the business posted $0.42 earnings per share. The business’s quarterly revenue was down 7.0% on a year-over-year basis. On average, sell-side analysts expect that Cenovus Energy will post 1.49 EPS for the current year.

Cenovus Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date was Monday, December 15th. Cenovus Energy’s dividend payout ratio (DPR) is 46.72%.

Hedge Funds Weigh In On Cenovus Energy

A number of institutional investors have recently added to or reduced their stakes in the business. Capital Research Global Investors grew its position in Cenovus Energy by 291.3% in the third quarter. Capital Research Global Investors now owns 106,582,971 shares of the oil and gas company’s stock worth $1,809,758,000 after acquiring an additional 79,345,506 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in Cenovus Energy by 322.7% during the second quarter. Canada Pension Plan Investment Board now owns 15,521,050 shares of the oil and gas company’s stock worth $211,338,000 after purchasing an additional 11,849,355 shares during the last quarter. Mackenzie Financial Corp lifted its stake in Cenovus Energy by 46.7% during the third quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock worth $520,196,000 after purchasing an additional 9,753,134 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Cenovus Energy by 494.2% in the 3rd quarter. CIBC Asset Management Inc now owns 11,442,043 shares of the oil and gas company’s stock worth $194,493,000 after purchasing an additional 9,516,460 shares in the last quarter. Finally, Picton Mahoney Asset Management bought a new position in shares of Cenovus Energy during the 2nd quarter valued at about $74,895,000. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Company Profile

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.