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

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) has been given an average recommendation of “Moderate Buy” by the six brokerages that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $30.00.

A number of brokerages have weighed in on CVE. BMO Capital Markets dropped their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $28.00 target price on shares of Cenovus Energy in a research note on Monday, January 6th. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Finally, StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th.

Cenovus Energy Trading Down 0.4 %

Shares of CVE stock opened at $15.00 on Wednesday. Cenovus Energy has a 12-month low of $14.20 and a 12-month high of $21.90. The company has a market capitalization of $27.37 billion, a P/E ratio of 10.34 and a beta of 2.01. The firm has a 50-day moving average price of $15.29 and a 200 day moving average price of $17.00. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The firm had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $10.25 billion. During the same period last year, the firm posted $0.72 EPS. The firm’s quarterly revenue was down 17.9% on a year-over-year basis. Research analysts forecast that Cenovus Energy will post 1.41 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a dividend of $0.133 per share. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.53 annualized dividend and a dividend yield of 3.55%. Cenovus Energy’s payout ratio is currently 35.17%.

Institutional Investors Weigh In On Cenovus Energy

Institutional investors have recently modified their holdings of the business. Truvestments Capital LLC acquired a new position in Cenovus Energy during the third quarter valued at approximately $25,000. Blue Trust Inc. grew its holdings in Cenovus Energy by 640.3% during the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 2,651 shares during the period. SevenBridge Financial Group LLC acquired a new position in Cenovus Energy during the third quarter valued at approximately $162,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Cenovus Energy by 8.0% in 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 buying an additional 643 shares during the period. Finally, Empirical Asset Management LLC acquired a new position in shares of Cenovus Energy in the fourth quarter valued at approximately $174,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

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.