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

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

A number of research analysts have issued reports on CVE shares. StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a report on Saturday. BMO Capital Markets dropped their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Finally, TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st.

Cenovus Energy Stock Down 0.3 %

Cenovus Energy stock opened at $14.64 on Friday. The stock’s 50 day moving average price is $15.70 and its 200 day moving average price is $17.51. Cenovus Energy has a 1-year low of $14.20 and a 1-year high of $21.90. The company has a market cap of $26.72 billion, a PE ratio of 10.10 and a beta of 2.02. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.34 by $0.08. The company had revenue of $14.20 billion for 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%. The business’s revenue was down 17.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.72 EPS. On average, sell-side analysts predict that Cenovus Energy will post 1.48 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.133 per share. This represents a $0.53 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date is Friday, December 13th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio is 36.55%.

Institutional Trading of Cenovus Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SkyView Investment Advisors LLC boosted its position in Cenovus Energy by 5.1% during the third quarter. SkyView Investment Advisors LLC now owns 43,632 shares of the oil and gas company’s stock worth $730,000 after acquiring an additional 2,122 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Cenovus Energy in the third quarter valued at $408,000. TD Private Client Wealth LLC increased its stake in Cenovus Energy by 3.2% in the third quarter. TD Private Client Wealth LLC now owns 40,194 shares of the oil and gas company’s stock valued at $672,000 after purchasing an additional 1,236 shares during the last quarter. Geode Capital Management LLC lifted its position in Cenovus Energy by 9.7% during the third quarter. Geode Capital Management LLC now owns 6,413,919 shares of the oil and gas company’s stock worth $109,232,000 after buying an additional 568,732 shares during the period. Finally, MidWestOne Financial Group Inc. acquired a new stake in Cenovus Energy in the 3rd quarter worth about $783,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

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.