Cenovus Energy Inc (NYSE:CVE) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have earned an average recommendation of “Moderate Buy” from the fifteen research firms that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation, twelve have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $39.00.

Several brokerages recently issued reports on CVE. Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Wall Street Zen upgraded shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Sunday, September 13th. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a report on Wednesday, August 19th. Zacks Research cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Finally, JPMorgan Chase & Co. upgraded Cenovus Energy from a “neutral” rating to an “overweight” rating in a research report on Tuesday, September 8th.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Capital Research Global Investors lifted its holdings in shares of Cenovus Energy by 16.6% during the 4th quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock worth $2,103,090,000 after acquiring an additional 17,730,542 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in shares of Cenovus Energy during the 2nd quarter valued at $423,886,000. GQG Partners LLC acquired a new stake in shares of Cenovus Energy during the 2nd quarter worth $411,552,000. Bank of America Corp DE purchased a new position in shares of Cenovus Energy in the 2nd quarter worth $369,701,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Cenovus Energy during the second quarter worth about $355,752,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $32.58 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63. Cenovus Energy has a one year low of $15.63 and a one year high of $34.16. The firm has a market capitalization of $60.03 billion, a P/E ratio of 12.53 and a beta of 0.35. The company’s fifty day moving average is $30.73 and its two-hundred day moving average is $28.01.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, hitting the consensus estimate of $1.11. The company had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The firm’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.45 earnings per share. Analysts forecast that Cenovus Energy will post 3.57 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

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

About Cenovus Energy

Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.

Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.