Cenovus Energy’s (CVE) “Buy” Rating Reaffirmed at Canaccord Genuity
Canaccord Genuity reaffirmed their buy rating on shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in a research note published on Tuesday. The firm currently has a $14.00 price target on the oil and gas company’s stock.
CVE has been the subject of several other reports. BidaskClub upgraded Cenovus Energy from a strong sell rating to a sell rating in a report on Wednesday, June 14th. Zacks Investment Research downgraded Cenovus Energy from a buy rating to a hold rating in a report on Wednesday, July 26th. National Bank Financial assumed coverage on Cenovus Energy in a report on Tuesday, June 27th. They issued a sector perform rating for the company. Barclays PLC reiterated an overweight rating and issued a $22.00 price target (up from $15.00) on shares of Cenovus Energy in a report on Wednesday, July 12th. Finally, Macquarie downgraded Cenovus Energy from a neutral rating to an underperform rating in a report on Wednesday, June 21st. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $17.04.
Cenovus Energy (CVE) opened at 8.12 on Tuesday. The company has a 50-day moving average price of $7.89 and a 200 day moving average price of $9.43. The stock has a market capitalization of $9.98 billion, a price-to-earnings ratio of 3.46 and a beta of 0.56. Cenovus Energy has a 12 month low of $6.76 and a 12 month high of $16.82.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.24. The company had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $3.40 billion. Cenovus Energy had a return on equity of 3.20% and a net margin of 17.89%. During the same period in the previous year, the firm posted ($0.05) EPS. Equities analysts predict that Cenovus Energy will post $0.41 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.039 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.92%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.04. The ex-dividend date of this dividend is Thursday, September 14th. Cenovus Energy’s dividend payout ratio is presently 8.33%.
Several hedge funds have recently added to or reduced their stakes in CVE. Allegis Investment Advisors LLC increased its holdings in shares of Cenovus Energy by 16.9% during the 2nd quarter. Allegis Investment Advisors LLC now owns 13,933 shares of the oil and gas company’s stock worth $103,000 after buying an additional 2,016 shares during the last quarter. Cigna Investments Inc. New acquired a new stake in shares of Cenovus Energy during the 2nd quarter worth $110,000. FNY Partners Fund LP acquired a new stake in shares of Cenovus Energy during the 1st quarter worth $113,000. First Commonwealth Financial Corp PA acquired a new stake in shares of Cenovus Energy during the 2nd quarter worth $114,000. Finally, Sciencast Management LP acquired a new stake in shares of Cenovus Energy during the 2nd quarter worth $124,000. Institutional investors and hedge funds own 56.17% of the company’s stock.
Cenovus Energy Company Profile
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