Cenovus Energy (NYSE:CVE) Given “Outperform” Rating at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) in a report published on Monday morning,Benzinga reports. Royal Bank of Canada currently has a $28.00 price objective on the oil and gas company’s stock.

Several other analysts also recently issued reports on the company. StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. BMO Capital Markets decreased their price target on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Finally, TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $15.44 on Monday. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The stock has a market cap of $28.18 billion, a price-to-earnings ratio of 10.65 and a beta of 2.01. The company’s 50-day moving average price is $15.50 and its 200 day moving average price is $17.34. Cenovus Energy has a 52 week low of $14.20 and a 52 week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The business had revenue of $14.20 billion during the quarter, compared to analysts’ expectations of $10.25 billion. During the same period last year, the company posted $0.72 EPS. The company’s revenue was down 17.9% on a year-over-year basis. As a group, research analysts forecast that Cenovus Energy will post 1.48 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were paid a dividend of $0.133 per share. The ex-dividend date was Friday, December 13th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.45%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio is currently 36.55%.

Institutional Investors Weigh In On Cenovus Energy

Several hedge funds have recently modified their holdings of CVE. Northwestern Mutual Wealth Management Co. raised its stake in 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 worth $170,000 after purchasing an additional 643 shares during the period. Wahed Invest LLC increased its holdings in shares of Cenovus Energy by 5.6% during the 3rd quarter. Wahed Invest LLC now owns 16,489 shares of the oil and gas company’s stock worth $276,000 after buying an additional 875 shares during the last quarter. Harmony Asset Management LLC raised its position in shares of Cenovus Energy by 8.1% in the 3rd quarter. Harmony Asset Management LLC now owns 13,400 shares of the oil and gas company’s stock worth $224,000 after buying an additional 1,000 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Cenovus Energy by 1.6% in the third quarter. PNC Financial Services Group Inc. now owns 76,940 shares of the oil and gas company’s stock valued at $1,287,000 after acquiring an additional 1,209 shares during the last quarter. Finally, TD Private Client Wealth LLC grew its position in Cenovus Energy by 3.2% during the third quarter. TD Private Client Wealth LLC now owns 40,194 shares of the oil and gas company’s stock valued at $672,000 after acquiring an additional 1,236 shares during the period. 51.19% of the stock is owned by institutional investors and hedge funds.

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.