Cenovus Energy Inc. (NYSE:CVE) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) has been given a consensus rating of “Moderate Buy” by the six analysts that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $30.00.

Several research firms recently weighed in on CVE. StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a report on Thursday, December 5th. BMO Capital Markets reduced their target price on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Finally, TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st.

Hedge Funds Weigh In On Cenovus Energy

Several hedge funds and other institutional investors have recently modified their holdings of the company. Truvestments Capital LLC bought a new stake in shares of Cenovus Energy in the 3rd quarter worth approximately $25,000. Blue Trust Inc. lifted its stake in Cenovus Energy by 640.3% in the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 2,651 shares during the period. SevenBridge Financial Group LLC bought a new stake in Cenovus Energy in the third quarter valued at $162,000. Northwestern Mutual Wealth Management Co. increased its position in Cenovus Energy by 8.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after purchasing an additional 643 shares during the period. Finally, Everpar Advisors LLC bought a new position in Cenovus Energy in the 2nd quarter worth $211,000. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Trading Up 1.1 %

CVE opened at $15.19 on Tuesday. The company has a market cap of $27.74 billion, a P/E ratio of 10.47 and a beta of 2.02. The company has a fifty day moving average price of $16.45 and a two-hundred day moving average price of $17.98. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. Cenovus Energy has a 1-year low of $14.69 and a 1-year high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. The business had revenue of $14.20 billion during the quarter, compared to analyst estimates of $10.25 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. Cenovus Energy’s quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.72 EPS. Analysts predict that Cenovus Energy will post 1.48 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.133 per share. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date is Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio is 36.55%.

About Cenovus Energy

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.