Raymond James Forecasts Lower Earnings for Cenovus Energy

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) – Equities research analysts at Raymond James dropped their FY2027 EPS estimates for Cenovus Energy in a report issued on Thursday, December 12th. Raymond James analyst M. Barth now expects that the oil and gas company will earn $2.01 per share for the year, down from their prior forecast of $2.02. The consensus estimate for Cenovus Energy’s current full-year earnings is $1.48 per share. Raymond James also issued estimates for Cenovus Energy’s FY2028 earnings at $2.39 EPS.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The firm had revenue of $14.20 billion during the quarter, compared to analyst estimates of $10.25 billion. During the same quarter in the prior year, the business posted $0.72 EPS. The business’s revenue for the quarter was down 17.9% compared to the same quarter last year.

Several other equities research analysts also recently commented on CVE. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. BMO Capital Markets lowered their price target on 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 cut Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $30.00.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at $14.87 on Monday. The company has a 50 day moving average price of $16.19 and a 200 day moving average price of $17.79. The firm has a market capitalization of $27.16 billion, a P/E ratio of 10.26 and a beta of 2.02. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. Cenovus Energy has a 52 week low of $14.69 and a 52 week high of $21.90.

Institutional Trading of Cenovus Energy

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. boosted its position in Cenovus Energy by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after purchasing an additional 643 shares in the last quarter. Wahed Invest LLC boosted its holdings in Cenovus Energy by 5.6% during the third quarter. Wahed Invest LLC now owns 16,489 shares of the oil and gas company’s stock worth $276,000 after buying an additional 875 shares in the last quarter. Harmony Asset Management LLC grew its position in Cenovus Energy by 8.1% during the third quarter. Harmony Asset Management LLC now owns 13,400 shares of the oil and gas company’s stock valued at $224,000 after buying an additional 1,000 shares during the period. PNC Financial Services Group Inc. increased its holdings in Cenovus Energy by 1.6% in the third quarter. PNC Financial Services Group Inc. now owns 76,940 shares of the oil and gas company’s stock valued at $1,287,000 after buying an additional 1,209 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its position in shares of Cenovus Energy by 12.0% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 11,496 shares of the oil and gas company’s stock worth $226,000 after acquiring an additional 1,229 shares during the period. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $0.133 dividend. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.58%. Cenovus Energy’s dividend payout ratio is presently 36.55%.

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.