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

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) has been assigned a consensus rating of “Moderate Buy” from the fourteen ratings firms that are presently covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $35.25.

CVE has been the topic of a number of recent research reports. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research report on Friday, June 26th. UBS Group restated a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Weiss Ratings cut shares of Cenovus Energy from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Raymond James Financial cut Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. Finally, Zacks Research lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th.

Institutional Trading of Cenovus Energy

Large investors have recently made changes to their positions in the company. CoreCap Advisors LLC boosted its stake in Cenovus Energy by 17.1% in the second quarter. CoreCap Advisors LLC now owns 4,710 shares of the oil and gas company’s stock valued at $117,000 after buying an additional 687 shares in the last quarter. Confluence Investment Management LLC grew its position in Cenovus Energy by 1.3% during the 2nd quarter. Confluence Investment Management LLC now owns 64,557 shares of the oil and gas company’s stock worth $1,602,000 after acquiring an additional 830 shares during the last quarter. Militia Capital Management LLC bought a new stake in Cenovus Energy during the 1st quarter worth $1,740,000. Parallel Advisors LLC increased its holdings in Cenovus Energy by 19.8% in the 1st quarter. Parallel Advisors LLC now owns 20,376 shares of the oil and gas company’s stock worth $541,000 after purchasing an additional 3,370 shares in the last quarter. Finally, Bank of America Corp DE raised its position in Cenovus Energy by 111.2% in the first quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock valued at $604,107,000 after purchasing an additional 11,990,405 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $25.23 on Wednesday. The firm has a market cap of $46.95 billion, a P/E ratio of 13.87 and a beta of 0.34. The business’s 50 day moving average is $27.80 and its 200-day moving average is $23.82. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. Cenovus Energy has a 1-year low of $13.90 and a 1-year high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The firm had revenue of $10.79 billion for the quarter, compared to analysts’ expectations of $9.47 billion. During the same quarter last year, the business earned $0.47 EPS. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. Equities research analysts predict that Cenovus Energy will post 3.02 earnings per share for the current year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $0.22 per share. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Monday, June 15th. Cenovus Energy’s dividend payout ratio (DPR) is currently 35.16%.

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.