Cenovus Energy’s (CVE) “Overweight” Rating Reaffirmed at Barclays PLC
A number of other equities analysts have also weighed in on CVE. Credit Suisse Group AG reiterated a buy rating on shares of Cenovus Energy in a research note on Sunday, July 10th. Zacks Investment Research upgraded Cenovus Energy from a sell rating to a hold rating in a research note on Tuesday, June 28th. Royal Bank Of Canada restated an outperform rating and set a $23.00 price objective on shares of Cenovus Energy in a research note on Tuesday, June 21st. JPMorgan Chase & Co. raised their price objective on Cenovus Energy from $19.00 to $20.00 and gave the stock a neutral rating in a research note on Friday, July 29th. Finally, Morgan Stanley upgraded Cenovus Energy from an equal weight rating to an overweight rating in a research note on Monday, June 13th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $20.00.
Cenovus Energy (NYSE:CVE) traded down 0.07% during trading on Monday, reaching $15.33. The company’s stock had a trading volume of 444,063 shares. The company’s 50 day moving average price is $14.35 and its 200-day moving average price is $14.36. The stock has a market cap of $12.77 billion, a P/E ratio of 21.90 and a beta of 0.81. Cenovus Energy has a 1-year low of $9.10 and a 1-year high of $16.81.
Cenovus Energy (NYSE:CVE) last announced its earnings results on Thursday, July 28th. The company reported ($0.05) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.09. Cenovus Energy had a negative return on equity of 7.35% and a net margin of 6.97%. During the same quarter last year, the company earned $0.18 EPS. Equities analysts forecast that Cenovus Energy will post ($0.59) earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were given a $0.0378 dividend. This represents a $0.15 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date of this dividend was Tuesday, September 13th. Cenovus Energy’s payout ratio is 20.83%.
A number of hedge funds have recently modified their holdings of CVE. Avalon Advisors LLC raised its stake in shares of Cenovus Energy by 42.8% in the first quarter. Avalon Advisors LLC now owns 45,088 shares of the company’s stock worth $586,000 after buying an additional 13,520 shares during the last quarter. Seven Eight Capital LLC purchased a new stake in shares of Cenovus Energy during the first quarter worth approximately $261,000. Barclays PLC raised its stake in shares of Cenovus Energy by 35.3% in the first quarter. Barclays PLC now owns 46,876 shares of the company’s stock worth $610,000 after buying an additional 12,241 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Cenovus Energy by 3.8% in the first quarter. Legal & General Group Plc now owns 3,908,240 shares of the company’s stock worth $51,070,000 after buying an additional 142,508 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Cenovus Energy by 184.8% in the first quarter. Renaissance Technologies LLC now owns 2,201,800 shares of the company’s stock worth $28,624,000 after buying an additional 1,428,700 shares during the last quarter. 67.80% of the stock is owned by institutional investors and hedge funds.
Cenovus Energy Company Profile
Cenovus Energy Inc is a Canada-based integrated oil company. It is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas. Its segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations. The Oil Sands segment includes the development and production of bitumen and natural gas in northeast Alberta.
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