Cenovus Energy (NYSE:CVE) Price Target Raised to $32.00

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its price target boosted by Royal Bank Of Canada from $30.00 to $32.00 in a research report sent to investors on Monday morning, Marketbeat Ratings reports. The firm currently has an outperform rating on the oil and gas company’s stock.

Other analysts have also issued research reports about the stock. Zacks Research raised shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Cenovus Energy in a research note on Thursday, October 30th. Raymond James Financial upgraded shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, October 9th. TD Securities restated a “buy” rating on shares of Cenovus Energy in a report on Tuesday, September 30th. Finally, National Bankshares reaffirmed an “outperform” rating on shares of Cenovus Energy in a research report on Wednesday, September 10th. Four equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Cenovus Energy has a consensus rating of “Buy” and an average target price of $25.67.

Cenovus Energy Price Performance

Shares of CVE opened at $18.27 on Monday. The stock has a market cap of $32.27 billion, a P/E ratio of 18.09 and a beta of 0.86. Cenovus Energy has a 1 year low of $10.23 and a 1 year high of $18.60. The stock’s 50-day moving average price is $17.31 and its two-hundred day moving average price is $15.47. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24.

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 for the quarter, topping the consensus estimate of $0.40 by $0.12. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%.The firm had revenue of $10.87 billion for the quarter, compared to analyst estimates of $12.51 billion. During the same period in the previous year, the company posted $0.42 earnings per share. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. On average, equities analysts predict that Cenovus Energy will post 1.49 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be given a $0.20 dividend. The ex-dividend date is Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.4%. Cenovus Energy’s dividend payout ratio (DPR) is presently 45.90%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Ridgewood Investments LLC bought a new stake in shares of Cenovus Energy in the 2nd quarter valued at about $27,000. Atlantic Union Bankshares Corp bought a new stake in Cenovus Energy in the second quarter valued at approximately $27,000. Allworth Financial LP increased its position in Cenovus Energy by 104.3% during the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 1,168 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in Cenovus Energy during the 1st quarter valued at approximately $42,000. Finally, Geneos Wealth Management Inc. raised its holdings in Cenovus Energy by 74.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after purchasing an additional 1,384 shares during the last quarter. Institutional investors own 51.19% of the company’s stock.

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.