Raymond James Reduces Earnings Estimates for Cenovus Energy

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) – Equities researchers at Raymond James reduced their FY2024 earnings estimates for shares of Cenovus Energy in a research report issued on Thursday, October 31st. Raymond James analyst M. Barth now forecasts that the oil and gas company will earn $1.58 per share for the year, down from their prior estimate of $1.71. The consensus estimate for Cenovus Energy’s current full-year earnings is $1.67 per share. Raymond James also issued estimates for Cenovus Energy’s FY2025 earnings at $1.62 EPS, FY2026 earnings at $1.76 EPS, FY2027 earnings at $2.02 EPS and FY2028 earnings at $2.40 EPS.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results 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. The firm had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $10.25 billion. Cenovus Energy had a return on equity of 12.87% and a net margin of 6.72%. The business’s quarterly revenue was down 17.9% on a year-over-year basis. During the same period last year, the company earned $0.72 earnings per share.

CVE has been the subject of a number of other research reports. TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. BMO Capital Markets cut their target price on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday. Scotiabank cut their target price 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. Finally, StockNews.com raised Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $30.00.

Cenovus Energy Trading Up 3.4 %

Shares of CVE stock opened at $16.21 on Monday. The company has a market cap of $29.65 billion, a P/E ratio of 11.18 and a beta of 2.05. The stock has a 50 day simple moving average of $17.20 and a two-hundred day simple moving average of $18.85. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.66. Cenovus Energy has a fifty-two week low of $14.69 and a fifty-two week high of $21.90.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.133 per share. This represents a $0.53 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend 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 (DPR) is 36.55%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Cenovus Energy by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 48,563,284 shares of the oil and gas company’s stock worth $970,780,000 after acquiring an additional 1,008,341 shares during the period. Boston Partners raised its position in shares of Cenovus Energy by 29.0% during the first quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock valued at $750,435,000 after buying an additional 8,438,979 shares during the last quarter. Capital International Investors raised its position in shares of Cenovus Energy by 216.3% during the first quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company’s stock valued at $678,250,000 after buying an additional 23,202,018 shares during the last quarter. 1832 Asset Management L.P. raised its position in shares of Cenovus Energy by 81.1% during the second quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock valued at $246,507,000 after buying an additional 5,613,320 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of Cenovus Energy by 5.3% during the second quarter. Mackenzie Financial Corp now owns 11,186,227 shares of the oil and gas company’s stock valued at $219,897,000 after buying an additional 562,663 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

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.