Cenovus Energy Inc. (NYSE:CVE) Given Average Rating of “Moderate Buy” by Analysts

Shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) have earned an average recommendation of “Moderate Buy” from the six research firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $30.00.

A number of equities analysts recently weighed in on the stock. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Royal Bank of Canada reissued an “outperform” rating and issued a $28.00 price objective on shares of Cenovus Energy in a research note on Monday, January 6th. BMO Capital Markets reduced their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Finally, StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th.

Institutional Trading of Cenovus Energy

Institutional investors and hedge funds have recently modified their holdings of the business. Smead Capital Management Inc. increased its stake in shares of Cenovus Energy by 39.3% during the 3rd quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock worth $257,831,000 after purchasing an additional 4,351,960 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Cenovus Energy by 4,319.1% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,218,376 shares of the oil and gas company’s stock valued at $43,609,000 after buying an additional 2,168,176 shares in the last quarter. Bridgewater Associates LP purchased a new position in Cenovus Energy during the third quarter valued at approximately $33,995,000. Anson Funds Management LP raised its position in shares of Cenovus Energy by 188.2% in the third quarter. Anson Funds Management LP now owns 1,877,800 shares of the oil and gas company’s stock worth $31,405,000 after buying an additional 1,226,221 shares in the last quarter. Finally, Ninepoint Partners LP raised its holdings in shares of Cenovus Energy by 19.0% in the 2nd quarter. Ninepoint Partners LP now owns 7,500,000 shares of the oil and gas company’s stock valued at $147,450,000 after acquiring an additional 1,200,000 shares in the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Trading Down 1.1 %

Shares of CVE stock opened at $14.60 on Wednesday. Cenovus Energy has a 1-year low of $14.20 and a 1-year high of $21.90. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The stock has a market cap of $26.64 billion, a price-to-earnings ratio of 10.07 and a beta of 2.01. The stock has a 50-day moving average of $15.19 and a 200-day moving average of $16.83.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share 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 the consensus estimate of $10.25 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The company’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.72 EPS. On average, equities research analysts forecast that Cenovus Energy will post 1.4 earnings per share for the current year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were issued a dividend of $0.133 per share. The ex-dividend date of this dividend was Friday, December 13th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a yield of 3.65%. Cenovus Energy’s payout ratio is 35.17%.

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.