Brokerages Set Cenovus Energy Inc (NYSE:CVE) Price Target at $36.25

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) has received a consensus rating of “Moderate Buy” from the fifteen analysts that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $36.25.

CVE has been the subject of several recent research reports. Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. Scotiabank reaffirmed an “outperform” rating on shares of Cenovus Energy in a report on Thursday, July 30th. Zacks Research cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Finally, Royal Bank Of Canada raised their price target on shares of Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at $32.99 on Thursday. The business has a 50 day simple moving average of $27.83 and a two-hundred day simple moving average of $26.46. Cenovus Energy has a 12 month low of $15.44 and a 12 month high of $33.40. The stock has a market capitalization of $61.01 billion, a P/E ratio of 12.69 and a beta of 0.34. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting the consensus estimate 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 business’s quarterly revenue was up 47.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 earnings per share. As a group, analysts predict that Cenovus Energy will post 3.2 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.7%. Cenovus Energy’s dividend payout ratio is presently 24.62%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Orion Capital Management LLC purchased a new stake in shares of Cenovus Energy in the second quarter valued at approximately $25,000. Gables Capital Management Inc. purchased a new position in Cenovus Energy during the second quarter worth approximately $35,000. Transamerica Financial Advisors LLC lifted its position in Cenovus Energy by 1,302.7% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after buying an additional 1,433 shares in the last quarter. NBC Securities Inc. lifted its position in Cenovus Energy by 961.5% during the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after buying an additional 1,500 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in Cenovus Energy during the fourth quarter worth $38,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

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.