Cenovus Energy Inc (CVE) Given Average Recommendation of “Hold” by Brokerages
Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have received a consensus recommendation of “Hold” from the fifteen analysts that are presently covering the stock. One investment analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $19.69.
A number of research analysts have recently weighed in on the stock. Goldman Sachs Group Inc dropped their price objective on shares of Cenovus Energy from $13.00 to $12.00 and set a “sell” rating for the company in a research note on Wednesday, March 8th. Societe Generale upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Thursday, February 16th. Zacks Investment Research upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research report on Wednesday, February 8th. Canaccord Genuity restated a “hold” rating and set a $16.50 target price on shares of Cenovus Energy in a research report on Wednesday, April 26th. Finally, Macquarie upgraded shares of Cenovus Energy from an “underperform” rating to a “neutral” rating in a report on Thursday, March 30th.
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Institutional investors have recently made changes to their positions in the stock. TD Asset Management Inc. boosted its position in shares of Cenovus Energy by 46.9% in the first quarter. TD Asset Management Inc. now owns 40,979,115 shares of the oil and gas company’s stock worth $462,442,000 after buying an additional 13,092,198 shares in the last quarter. FMR LLC boosted its position in shares of Cenovus Energy by 33.0% in the first quarter. FMR LLC now owns 43,684,595 shares of the oil and gas company’s stock worth $494,381,000 after buying an additional 10,833,896 shares in the last quarter. Norges Bank purchased a new position in shares of Cenovus Energy during the fourth quarter worth $120,443,000. First Eagle Investment Management LLC boosted its position in shares of Cenovus Energy by 25.6% in the first quarter. First Eagle Investment Management LLC now owns 31,675,743 shares of the oil and gas company’s stock worth $357,936,000 after buying an additional 6,448,369 shares in the last quarter. Finally, Letko Brosseau & Associates Inc. boosted its position in shares of Cenovus Energy by 43.3% in the first quarter. Letko Brosseau & Associates Inc. now owns 19,804,042 shares of the oil and gas company’s stock worth $223,728,000 after buying an additional 5,982,700 shares in the last quarter. 68.12% of the stock is currently owned by institutional investors.
Cenovus Energy (NYSE:CVE) opened at 9.21 on Friday. Cenovus Energy has a 52 week low of $9.11 and a 52 week high of $16.82. The company has a 50 day moving average price of $10.05 and a 200 day moving average price of $12.98. The stock’s market cap is $7.67 billion.
Cenovus Energy (NYSE:CVE) last issued its earnings results on Wednesday, April 26th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.06. Cenovus Energy had a negative net margin of 11.17% and a negative return on equity of 9.35%. The company had revenue of $2.92 billion during the quarter, compared to analysts’ expectations of $3.21 billion. During the same period last year, the business posted ($0.51) earnings per share. Analysts expect that Cenovus Energy will post $0.24 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be issued a dividend of $0.0371 per share. The ex-dividend date is Tuesday, June 13th. This represents a $0.15 dividend on an annualized basis and a dividend yield of 1.61%. Cenovus Energy’s dividend payout ratio is -12.93%.
About Cenovus Energy
Cenovus Energy Inc is a Canada-based integrated oil company. The Company is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGL) and natural gas. Its segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations. Its Oil Sands segment includes the development and production of bitumen and natural gas in northeast Alberta.
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