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

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) has been assigned an average rating of “Buy” from the four analysts that are presently covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a buy rating. The average 12-month price target among analysts that have covered the stock in the last year is $30.67.

CVE has been the topic of several recent research reports. Raymond James upgraded Cenovus Energy to a “moderate buy” rating in a research report on Tuesday, May 28th. StockNews.com cut Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 26th. Finally, Scotiabank dropped their price target on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th.

Cenovus Energy Stock Up 1.7 %

Shares of NYSE CVE opened at $19.05 on Friday. The company has a market capitalization of $35.42 billion, a price-to-earnings ratio of 10.58 and a beta of 2.07. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.70 and a quick ratio of 1.01. The business has a 50-day moving average of $19.33 and a two-hundred day moving average of $19.39. 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 posted its earnings results on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). Cenovus Energy had a return on equity of 16.68% and a net margin of 8.56%. The firm had revenue of $10.88 billion for the quarter, compared to analyst estimates of $9.78 billion. On average, analysts forecast that Cenovus Energy will post 1.93 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a $0.132 dividend. This represents a $0.53 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend is Friday, September 13th. Cenovus Energy’s dividend payout ratio (DPR) is presently 28.89%.

Hedge Funds Weigh In On Cenovus Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVE. Fifth Third Bancorp increased its position in Cenovus Energy by 80.3% during the 1st quarter. Fifth Third Bancorp now owns 1,453 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 647 shares during the period. Banque Cantonale Vaudoise purchased a new stake in shares of Cenovus Energy during the 1st quarter worth approximately $30,000. Headlands Technologies LLC purchased a new stake in shares of Cenovus Energy during the 4th quarter worth approximately $33,000. Spire Wealth Management boosted its stake in shares of Cenovus Energy by 41.9% during the 4th quarter. Spire Wealth Management now owns 2,305 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 681 shares in the last quarter. Finally, Wolff Wiese Magana LLC boosted its stake in shares of Cenovus Energy by 71.4% during the 1st quarter. Wolff Wiese Magana LLC now owns 2,400 shares of the oil and gas company’s stock worth $48,000 after acquiring an additional 1,000 shares in the last quarter. Institutional investors and hedge funds 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.