Analysts Set Expectations for Cenovus Energy FY2024 Earnings

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) – Equities researchers at Raymond James reduced their FY2024 earnings per share estimates for shares of Cenovus Energy in a note issued to investors on Thursday, October 31st. Raymond James analyst M. Barth now expects that the oil and gas company will post earnings per share of $1.58 for the year, down from their previous forecast of $1.71. The consensus estimate for Cenovus Energy’s current full-year earnings is $1.67 per share. Raymond James also issued estimates for Cenovus Energy’s FY2025 earnings at $1.62 EPS, FY2026 earnings at $1.76 EPS, FY2027 earnings at $2.02 EPS and FY2028 earnings at $2.40 EPS.

Several other equities research analysts have also recently weighed in on CVE. TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Scotiabank reduced their target price on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. StockNews.com raised shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Finally, BMO Capital Markets cut their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Cenovus Energy Stock Performance

Shares of CVE stock opened at $15.67 on Monday. The firm has a market capitalization of $28.67 billion, a price-to-earnings ratio of 10.81 and a beta of 2.05. The stock has a fifty day moving average of $17.20 and a 200 day moving average of $18.86. Cenovus Energy has a 52 week low of $14.69 and a 52 week high of $21.90. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). Cenovus Energy had a return on equity of 12.87% and a net margin of 6.72%. The firm had revenue of $10.88 billion for the quarter, compared to analysts’ expectations of $9.78 billion.

Institutional Investors Weigh In On Cenovus Energy

Several institutional investors and hedge funds have recently made changes to their positions in CVE. Blue Trust Inc. increased its holdings in Cenovus Energy by 640.3% in the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after buying an additional 2,651 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Cenovus Energy by 8.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after purchasing an additional 643 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Cenovus Energy during the first quarter valued at approximately $205,000. Everpar Advisors LLC purchased a new stake in Cenovus Energy in the second quarter worth approximately $211,000. Finally, FCG Investment Co bought a new stake in Cenovus Energy in the 3rd quarter worth approximately $211,000. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a dividend of $0.133 per share. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend is Friday, December 13th. Cenovus Energy’s dividend payout ratio (DPR) is currently 36.55%.

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.