Cenovus Energy Inc (NYSE:CVE) Receives Average Rating of “Buy” from Brokerages

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have been assigned an average recommendation of “Buy” from the thirteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and four have issued a strong buy rating on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $25.6667.

CVE has been the subject of a number of analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Cenovus Energy in a research report on Thursday, October 30th. Raymond James Financial raised Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a report on Thursday, October 9th. Wall Street Zen raised Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Jefferies Financial Group reiterated a “buy” rating on shares of Cenovus Energy in a report on Tuesday, September 2nd. Finally, Royal Bank Of Canada upped their price objective on shares of Cenovus Energy from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, November 17th.

Institutional Investors Weigh In On Cenovus Energy

Several hedge funds and other institutional investors have recently modified their holdings of CVE. Capital Research Global Investors increased its holdings in shares of Cenovus Energy by 291.3% in the 3rd quarter. Capital Research Global Investors now owns 106,582,971 shares of the oil and gas company’s stock worth $1,809,758,000 after buying an additional 79,345,506 shares during the last quarter. Vanguard Group Inc. grew its position in Cenovus Energy by 0.6% in the third quarter. Vanguard Group Inc. now owns 56,327,634 shares of the oil and gas company’s stock worth $956,387,000 after acquiring an additional 354,241 shares in the last quarter. Mackenzie Financial Corp increased its stake in Cenovus Energy by 46.7% in the third quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock valued at $520,196,000 after acquiring an additional 9,753,134 shares during the last quarter. Boston Partners raised its position in Cenovus Energy by 2.3% during the second quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company’s stock valued at $365,097,000 after purchasing an additional 606,042 shares in the last quarter. Finally, Smead Capital Management Inc. raised its position in Cenovus Energy by 13.3% during the second quarter. Smead Capital Management Inc. now owns 17,552,075 shares of the oil and gas company’s stock valued at $238,999,000 after purchasing an additional 2,056,163 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Trading Down 1.0%

CVE opened at $17.88 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78. Cenovus Energy has a fifty-two week low of $10.23 and a fifty-two week high of $18.75. The firm has a 50 day simple moving average of $17.35 and a 200 day simple moving average of $15.55. The company has a market cap of $34.15 billion, a price-to-earnings ratio of 17.70 and a beta of 0.86.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.12. The firm had revenue of $10.87 billion for the quarter, compared to analyst estimates of $12.51 billion. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%.The company’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.42 earnings per share. On average, sell-side analysts anticipate that Cenovus Energy will post 1.49 earnings per share for the current year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Monday, December 15th. Cenovus Energy’s payout ratio is presently 45.90%.

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.