Cenovus Energy Inc (NYSE:CVE) Receives $29.67 Average PT from Brokerages

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) has earned an average recommendation of “Moderate Buy” from the fourteen brokerages that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and three have issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $29.6667.

A number of analysts have recently weighed in on CVE shares. Scotiabank raised shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 20th. Zacks Research cut Cenovus Energy from a “hold” rating to a “strong sell” rating in a report on Friday, February 20th. Royal Bank Of Canada boosted their target price on Cenovus Energy from $29.00 to $31.00 and gave the stock an “outperform” rating in a report on Wednesday, February 18th. Veritas raised Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. Finally, TD Securities reaffirmed a “buy” rating on shares of Cenovus Energy in a research note on Friday, February 20th.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $25.91 on Monday. Cenovus Energy has a fifty-two week low of $10.23 and a fifty-two week high of $26.08. The firm’s 50-day simple moving average is $21.66 and its 200 day simple moving average is $18.80. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.35. The stock has a market cap of $48.71 billion, a P/E ratio of 16.93 and a beta of 0.43.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.08. The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $10.89 billion. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. During the same quarter in the prior year, the firm posted $0.07 EPS. Equities analysts expect that Cenovus Energy will post 1.49 EPS for the current year.

Cenovus Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a $0.20 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.1%. Cenovus Energy’s dividend payout ratio is 38.56%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Financial Management Professionals Inc. acquired a new stake in Cenovus Energy in the 4th quarter valued at about $25,000. Transamerica Financial Advisors LLC grew its stake in shares of Cenovus Energy by 1,302.7% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 1,433 shares during the last quarter. NBC Securities Inc. raised its holdings in shares of Cenovus Energy by 961.5% in the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 1,500 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Cenovus Energy in the 4th quarter worth approximately $38,000. Finally, Allworth Financial LP lifted its stake in Cenovus Energy by 104.3% during the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 1,168 shares during the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.