Cenovus Energy Inc (CVE) – What Are Researchers Saying About This Stock?

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) has been assigned an average recommendation of “Buy” from the sixteen ratings firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold recommendation, thirteen have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $39.00.

A number of brokerages have weighed in on CVE. Scotiabank reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Monday, October 19th. Jefferies Financial Group reissued a “buy” rating on shares of Cenovus Energy in a research report on Sunday, October 18th. JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating in a research report on Tuesday, September 8th. Royal Bank Of Canada upped their price target on Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday, August 19th.

Cenovus Energy Stock Performance

Shares of CVE stock opened at $27.57 on Tuesday. Cenovus Energy has a 12 month low of $15.63 and a 12 month high of $34.16. The stock has a market cap of $50.09 billion, a PE ratio of 8.13 and a beta of 0.38. The company’s fifty day moving average price is $31.85 and its 200-day moving average price is $27.71. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25.

Cenovus Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a C$0.22 dividend. This represents a $0.88 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, December 15th. Cenovus Energy’s payout ratio is 18.88%.

Institutional Investors Weigh In On Cenovus Energy

A number of institutional investors have recently modified their holdings of the stock. Intech Investment Management LLC boosted its stake in Cenovus Energy by 31.9% in the 3rd quarter. Intech Investment Management LLC now owns 444,936 shares of the oil and gas company’s stock worth $13,864,000 after purchasing an additional 107,508 shares in the last quarter. Bessemer Group Inc. grew its position in Cenovus Energy by 143.6% during the 3rd quarter. Bessemer Group Inc. now owns 35,503 shares of the oil and gas company’s stock valued at $1,105,000 after purchasing an additional 20,927 shares during the last quarter. Drive Wealth Management LLC grew its position in Cenovus Energy by 76.9% during the 3rd quarter. Drive Wealth Management LLC now owns 15,516 shares of the oil and gas company’s stock valued at $482,000 after purchasing an additional 6,746 shares during the last quarter. Allworth Financial LP grew its position in Cenovus Energy by 26.4% during the 3rd quarter. Allworth Financial LP now owns 3,456 shares of the oil and gas company’s stock valued at $107,000 after purchasing an additional 722 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Cenovus Energy by 4.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,422,095 shares of the oil and gas company’s stock valued at $44,291,000 after purchasing an additional 63,889 shares in the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

About Cenovus Energy

Cenovus Energy is an integrated energy company headquartered in Calgary, Alberta. Its activities include producing oil and natural gas, processing oil sands, refining crude oil and marketing energy products.

The company’s upstream operations include oil sands and conventional assets in Western Canada, as well as offshore production. Its downstream business operates refineries in Canada and the United States, helping connect its production with markets for refined products.

Cenovus was created in 2009 when Encana separated its integrated oil business.