Cenovus Energy Inc (NYSE:CVE) Receives Average Rating of “Buy” from Analysts

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have received an average recommendation of “Buy” from the thirteen research firms that are presently covering the company, Marketbeat reports. Two analysts have rated the stock with a hold rating, seven have given a buy rating and four have given a strong buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $25.6667.

A number of research analysts have recently commented on the stock. Wall Street Zen raised shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Raymond James Financial raised shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, October 9th. National Bank Financial upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, August 22nd. Zacks Research upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. Finally, BMO Capital Markets set a $29.00 target price on Cenovus Energy in a report on Monday, November 17th.

Cenovus Energy Stock Down 0.1%

Shares of NYSE CVE opened at $17.87 on Tuesday. The firm has a market cap of $33.78 billion, a P/E ratio of 17.69 and a beta of 0.86. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 1.32. Cenovus Energy has a 1 year low of $10.23 and a 1 year high of $18.75. The firm’s 50 day moving average price is $17.36 and its 200 day moving average price is $15.61.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data 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. The business had revenue of $10.87 billion for the quarter, compared to analysts’ expectations of $12.51 billion. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%.The business’s revenue was down 7.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.42 earnings per share. As a group, sell-side analysts anticipate that Cenovus Energy will post 1.49 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be issued a dividend of $0.20 per share. The ex-dividend date is Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.5%. Cenovus Energy’s payout ratio is presently 45.90%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CVE. Ridgewood Investments LLC acquired a new position in shares of Cenovus Energy during the 2nd quarter valued at $27,000. Atlantic Union Bankshares Corp purchased a new position in Cenovus Energy in the second quarter valued at about $27,000. Allworth Financial LP lifted its stake in shares of Cenovus Energy by 104.3% during the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 1,168 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Cenovus Energy in the first quarter worth about $42,000. Finally, Geneos Wealth Management Inc. grew its stake in shares of Cenovus Energy by 74.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after buying an additional 1,384 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

About Cenovus Energy

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.