Cenovus Energy Inc (NYSE:CVE) Given Consensus Rating of “Buy” by Brokerages

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) has earned a consensus rating of “Buy” from the fourteen analysts that are covering the firm, Marketbeat reports. One analyst has rated the stock with a hold recommendation, eleven have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $35.25.

Several equities research analysts have recently weighed in on CVE shares. BMO Capital Markets reaffirmed an “outperform” rating on shares of Cenovus Energy in a report on Friday, February 20th. UBS Group reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Thursday, April 9th. Scotiabank reaffirmed an “outperform” rating on shares of Cenovus Energy in a report on Thursday, May 7th. TD Securities reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Friday, February 20th. Finally, Weiss Ratings raised shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, June 1st.

Institutional Investors Weigh In On Cenovus Energy

A number of hedge funds have recently added to or reduced their stakes in CVE. Jones Financial Companies Lllp grew its holdings in Cenovus Energy by 574.8% during the 1st quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock worth $301,000 after acquiring an additional 18,405 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Cenovus Energy by 6.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock worth $10,397,000 after acquiring an additional 44,125 shares during the last quarter. Prudential Financial Inc. bought a new stake in Cenovus Energy during the 2nd quarter worth about $525,000. EverSource Wealth Advisors LLC grew its holdings in Cenovus Energy by 57.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in Cenovus Energy during the 2nd quarter worth about $495,000. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Trading Up 2.6%

Shares of CVE stock opened at $28.38 on Friday. Cenovus Energy has a 52-week low of $13.47 and a 52-week high of $32.07. The stock has a market cap of $53.06 billion, a price-to-earnings ratio of 15.59 and a beta of 0.34. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. The firm has a fifty day moving average of $27.98 and a 200-day moving average of $22.78.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The company had revenue of $10.79 billion during the quarter, compared to analysts’ expectations of $9.47 billion. During the same quarter in the prior year, the company posted $0.47 EPS. The business’s revenue was up 1.0% on a year-over-year basis. On average, equities research analysts forecast that Cenovus Energy will post 3.15 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s payout ratio is currently 32.42%.

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.