Cenovus Energy Inc. (NYSE:CVE) Receives Consensus Recommendation of “Buy” from Analysts
Cenovus Energy Inc. (NYSE:CVE) has been assigned a consensus rating of “Buy” from the fifteen ratings firms that are presently covering the firm. Six analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $20.36.
CVE has been the topic of several research analyst reports. Bank of America Corp. initiated coverage on shares of Cenovus Energy in a research report on Friday, August 19th. They set a “neutral” rating and a $17.00 target price on the stock. Scotiabank restated an “outperform” rating and set a $20.00 target price on shares of Cenovus Energy in a research report on Sunday, July 31st. TD Securities restated a “buy” rating and set a $21.00 target price on shares of Cenovus Energy in a research report on Sunday, July 31st. Zacks Investment Research upgraded shares of Cenovus Energy from a “sell” rating to a “hold” rating in a research report on Tuesday, June 28th. Finally, Barclays PLC upgraded shares of Cenovus Energy from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $20.00 to $24.00 in a research report on Wednesday, July 13th.
Shares of Cenovus Energy (NYSE:CVE) traded down 0.89% during midday trading on Tuesday, hitting $13.32. 927,474 shares of the company were exchanged. The stock has a market capitalization of $11.10 billion, a price-to-earnings ratio of 18.95 and a beta of 0.90. Cenovus Energy has a 52-week low of $9.10 and a 52-week high of $17.23. The company has a 50-day moving average price of $14.60 and a 200-day moving average price of $14.23.
Cenovus Energy (NYSE:CVE) last posted its quarterly earnings data on Thursday, July 28th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.09. Cenovus Energy had a net margin of 6.97% and a negative return on equity of 7.35%. During the same period last year, the business posted $0.18 EPS. On average, analysts forecast that Cenovus Energy will post ($0.59) EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be paid a $0.0378 dividend. This represents a $0.15 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend is Tuesday, September 13th. Cenovus Energy’s payout ratio is 20.83%.
A number of hedge funds and other institutional investors have recently made changes to their positions in CVE. PNC Financial Services Group Inc. increased its position in shares of Cenovus Energy by 13.1% in the second quarter. PNC Financial Services Group Inc. now owns 9,147 shares of the company’s stock valued at $128,000 after buying an additional 1,059 shares during the last quarter. Marshall Wace LLP acquired a new stake in Cenovus Energy during the second quarter valued at approximately $141,000. Squarepoint Ops LLC acquired a new stake in Cenovus Energy during the first quarter valued at approximately $151,000. Quantitative Investment Management LLC acquired a new stake in Cenovus Energy during the second quarter valued at approximately $152,000. Finally, M&T Bank Corp boosted its stake in Cenovus Energy by 4.8% in the first quarter. M&T Bank Corp now owns 12,881 shares of the company’s stock valued at $168,000 after buying an additional 589 shares during the period. 67.82% of the stock is owned by hedge funds and other institutional investors.
Cenovus Energy Company Profile
Cenovus Energy Inc (Cenovus) is an integrated oil company. The Company is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas in Canada with marketing activities and refining operations in the United States. The Company’s segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations.
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