Cenovus Energy (NYSE:CVE) Trading 5.6% Higher – Here’s What Happened

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) traded up 5.6% during trading on Wednesday . The stock traded as high as $26.46 and last traded at $26.62. Approximately 2,858,469 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 12,003,028 shares. The stock had previously closed at $25.21.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CVE shares. UBS Group restated a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Zacks Research cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Weiss Ratings lowered Cenovus Energy from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Veritas raised Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Finally, Royal Bank Of Canada increased their price target on Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a research note on Tuesday, May 19th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.25.

Cenovus Energy Stock Up 4.3%

The firm has a market capitalization of $48.92 billion, a PE ratio of 14.45 and a beta of 0.34. The business’s 50 day simple moving average is $27.80 and its 200 day simple moving average is $23.82. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The firm had revenue of $10.79 billion for the quarter, compared to analysts’ expectations of $9.47 billion. The business’s revenue was up 1.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.47 EPS. On average, equities research analysts forecast that Cenovus Energy Inc will post 3.02 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 3.3%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 15th. Cenovus Energy’s dividend payout ratio (DPR) is currently 35.16%.

Hedge Funds Weigh In On Cenovus Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Financial Management Professionals Inc. bought a new stake in Cenovus Energy in the fourth quarter worth $25,000. Transamerica Financial Advisors LLC increased its position in Cenovus Energy by 1,302.7% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 1,433 shares during the last quarter. NBC Securities Inc. raised its stake in shares of Cenovus Energy by 961.5% in the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 1,500 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of Cenovus Energy in the fourth quarter valued at $38,000. Finally, Advisory Services Network LLC bought a new stake in shares of Cenovus Energy in the 3rd quarter worth about $50,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

About Cenovus Energy

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.