Cenovus Energy Inc (NYSE:CVE) Receives $27.33 Average PT from Analysts

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have been assigned a consensus recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation, eight have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $27.3333.

Several research firms have recently issued reports on CVE. The Goldman Sachs Group reaffirmed a “buy” rating and set a $22.00 price objective on shares of Cenovus Energy in a research report on Monday, February 2nd. BMO Capital Markets reaffirmed an “outperform” rating on shares of Cenovus Energy in a report on Friday, February 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cenovus Energy in a research report on Tuesday, January 27th. Royal Bank Of Canada raised their target price on Cenovus Energy from $29.00 to $31.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 18th. Finally, Scotiabank upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 20th.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at $22.80 on Thursday. The business has a 50-day simple moving average of $19.54 and a 200-day simple moving average of $17.99. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.04 and a current ratio of 1.57. Cenovus Energy has a one year low of $10.23 and a one year high of $23.56. The company has a market cap of $42.87 billion, a PE ratio of 14.90 and a beta of 0.43.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.08. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. The firm had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $10.89 billion. During the same quarter last year, the company earned $0.07 earnings per share. On average, equities research analysts forecast that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.5%. The ex-dividend date is Friday, March 13th. Cenovus Energy’s dividend payout ratio (DPR) is currently 37.25%.

Hedge Funds Weigh In On Cenovus Energy

Hedge funds have recently made changes to their positions in the company. J.W. Cole Advisors Inc. lifted its holdings in shares of Cenovus Energy by 3.9% in the 4th quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company’s stock valued at $227,000 after purchasing an additional 500 shares during the last quarter. Gateway Investment Advisers LLC increased its position in Cenovus Energy by 0.6% during the fourth quarter. Gateway Investment Advisers LLC now owns 93,986 shares of the oil and gas company’s stock worth $1,590,000 after buying an additional 523 shares during the period. International Assets Investment Management LLC lifted its stake in Cenovus Energy by 0.9% in the fourth quarter. International Assets Investment Management LLC now owns 65,248 shares of the oil and gas company’s stock valued at $1,104,000 after buying an additional 565 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Cenovus Energy by 24.4% in the fourth quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company’s stock valued at $56,000 after acquiring an additional 649 shares during the period. Finally, IFP Advisors Inc boosted its holdings in shares of Cenovus Energy by 15.7% in the fourth quarter. IFP Advisors Inc now owns 4,839 shares of the oil and gas company’s stock valued at $82,000 after acquiring an additional 656 shares during the period. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.