Analysts Issue Forecasts for Cenovus Energy FY2024 Earnings

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) – Equities research analysts at Raymond James decreased their FY2024 earnings per share (EPS) estimates for Cenovus Energy in a note issued to investors on Thursday, October 31st. Raymond James analyst M. Barth now anticipates that the company will post earnings of $2.19 per share for the year, down from their previous forecast of $2.37. The consensus estimate for Cenovus Energy’s current full-year earnings is $2.26 per share. Raymond James also issued estimates for Cenovus Energy’s FY2025 earnings at $2.25 EPS, FY2026 earnings at $2.45 EPS, FY2027 earnings at $2.81 EPS and FY2028 earnings at $3.33 EPS.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings results on Thursday, August 1st. The company reported C$0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.72 by C($0.19). Cenovus Energy had a net margin of 8.54% and a return on equity of 16.69%. The firm had revenue of C$14.89 billion for the quarter, compared to the consensus estimate of C$13.44 billion.

A number of other analysts have also recently commented on the stock. TD Securities raised shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 3rd. BMO Capital Markets reduced their price objective on Cenovus Energy from C$31.00 to C$28.00 and set an “outperform” rating for the company in a research note on Friday. Jefferies Financial Group decreased their target price on Cenovus Energy from C$36.00 to C$33.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Royal Bank of Canada cut their price target on Cenovus Energy from C$29.00 to C$28.00 and set an “outperform” rating for the company in a report on Friday. Finally, National Bankshares decreased their price objective on Cenovus Energy from C$38.00 to C$31.00 in a research note on Friday, September 27th. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of C$31.90.

Cenovus Energy Price Performance

Shares of TSE:CVE opened at C$21.89 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 33.34. The stock has a market capitalization of C$40.72 billion, a PE ratio of 8.72, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The firm’s 50 day moving average price is C$23.53 and its 200-day moving average price is C$25.88. Cenovus Energy has a twelve month low of C$19.82 and a twelve month high of C$29.96.

Insider Buying and Selling at Cenovus Energy

In other news, Senior Officer Jeffery George Lawson acquired 4,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were acquired at an average cost of C$22.50 per share, with a total value of C$90,000.00. In related news, Senior Officer Jonathan Michael Mckenzie acquired 100,000 shares of Cenovus Energy stock in a transaction on Friday, September 13th. The shares were bought at an average cost of C$22.25 per share, with a total value of C$2,225,000.00. Also, Senior Officer Jeffery George Lawson acquired 4,000 shares of the stock in a transaction dated Monday, September 30th. The stock was bought at an average cost of C$22.50 per share, with a total value of C$90,000.00. Insiders bought 152,200 shares of company stock worth $3,459,477 in the last quarter. 32.03% of the stock is owned by corporate insiders.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Friday, December 13th. Cenovus Energy’s payout ratio is presently 28.69%.

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.