Cenovus Energy Inc. (NYSE:CVE) Receives $29.00 Average Price Target from Analysts

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) has received a consensus recommendation of “Moderate Buy” from the six brokerages that are presently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $29.00.

CVE has been the topic of a number of research reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $25.00 price objective on shares of Cenovus Energy in a report on Wednesday, April 2nd. StockNews.com lowered Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th. Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday, March 26th. National Bank Financial lowered Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, February 21st. Finally, Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a report on Wednesday, March 19th.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CVE. Farther Finance Advisors LLC grew its holdings in shares of Cenovus Energy by 104.9% in the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 851 shares during the period. Sierra Ocean LLC acquired a new position in Cenovus Energy in the 4th quarter valued at about $67,000. Blue Trust Inc. grew its stake in shares of Cenovus Energy by 54.7% in the 4th quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock valued at $72,000 after buying an additional 1,677 shares during the period. Natixis acquired a new stake in shares of Cenovus Energy during the 4th quarter worth approximately $98,000. Finally, Black Maple Capital Management LP purchased a new stake in shares of Cenovus Energy during the 4th quarter valued at approximately $167,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Up 13.6 %

Cenovus Energy stock opened at $12.02 on Monday. Cenovus Energy has a 12 month low of $10.23 and a 12 month high of $21.90. The stock has a market capitalization of $21.91 billion, a PE ratio of 9.93 and a beta of 1.46. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The business has a 50 day simple moving average of $13.75 and a 200-day simple moving average of $15.12.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $11.08 billion. On average, analysts anticipate that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Cenovus Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $0.1269 dividend. This represents a $0.51 annualized dividend and a yield of 4.22%. The ex-dividend date of this dividend was Friday, March 14th. Cenovus Energy’s payout ratio is currently 40.50%.

Cenovus Energy Company Profile

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.