Canaccord Genuity Reaffirms “Buy” Rating for Cenovus Energy Inc (CVE)
Canaccord Genuity reaffirmed their buy rating on shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in a research report released on Thursday morning. Canaccord Genuity currently has a $15.50 target price on the oil and gas company’s stock.
Several other research firms have also commented on CVE. BidaskClub lowered Cenovus Energy from a sell rating to a strong sell rating in a report on Thursday, June 22nd. UBS AG lowered Cenovus Energy from a market perform rating to an underperform rating in a report on Wednesday, July 5th. Raymond James Financial, Inc. lowered Cenovus Energy from a market perform rating to an underperform rating in a report on Wednesday, July 5th. ValuEngine raised Cenovus Energy from a sell rating to a hold rating in a report on Friday, July 28th. Finally, Zacks Investment Research lowered Cenovus Energy from a hold rating to a sell rating in a report on Wednesday, July 12th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. Cenovus Energy has a consensus rating of Hold and an average price target of $16.06.
Cenovus Energy (CVE) traded down 1.00% during mid-day trading on Thursday, hitting $9.91. The stock had a trading volume of 3,433,172 shares. The stock has a market cap of $12.18 billion, a P/E ratio of 4.04 and a beta of 0.60. Cenovus Energy has a 52-week low of $6.76 and a 52-week high of $16.82. The firm has a 50-day moving average of $9.49 and a 200-day moving average of $8.82.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, July 27th. The oil and gas company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.03 by $0.24. The firm had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3.40 billion. Cenovus Energy had a return on equity of 3.20% and a net margin of 17.89%. During the same quarter in the prior year, the company posted ($0.05) earnings per share. On average, analysts forecast that Cenovus Energy will post $0.50 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were paid a $0.039 dividend. This represents a $0.16 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend was Thursday, September 14th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s dividend payout ratio is currently 8.89%.
Institutional investors and hedge funds have recently made changes to their positions in the company. Allegis Investment Advisors LLC boosted its stake in shares of Cenovus Energy by 16.9% during the second quarter. Allegis Investment Advisors LLC now owns 13,933 shares of the oil and gas company’s stock worth $103,000 after buying an additional 2,016 shares during the period. Cigna Investments Inc. New acquired a new stake in shares of Cenovus Energy during the second quarter worth about $110,000. FNY Partners Fund LP acquired a new stake in shares of Cenovus Energy during the first quarter worth about $113,000. First Commonwealth Financial Corp PA acquired a new stake in shares of Cenovus Energy during the second quarter worth about $114,000. Finally, Sciencast Management LP acquired a new stake in shares of Cenovus Energy during the second quarter worth about $124,000. Institutional investors and hedge funds own 56.17% of the company’s stock.
Cenovus Energy Company Profile
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