Cenovus Energy (NYSE:CVE) Price Target Raised to $51.00

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its target price lifted by Royal Bank Of Canada from $47.00 to $51.00 in a research report released on Thursday morning, MarketBeat Ratings reports. They currently have an outperform rating on the oil and gas company’s stock.

A number of other research analysts have also recently weighed in on the company. Lake Street Capital set a $36.00 price objective on Cenovus Energy in a research report on Wednesday, May 13th. Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a report on Thursday. Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. Wall Street Zen downgraded shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Finally, UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.25.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at $30.14 on Thursday. Cenovus Energy has a one year low of $14.48 and a one year high of $32.07. The stock’s fifty day moving average is $27.28 and its 200 day moving average is $25.22. The stock has a market cap of $56.07 billion, a P/E ratio of 11.59 and a beta of 0.34. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.63.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The business had revenue of $14.59 billion during the quarter, compared to analyst estimates of $11.87 billion. During the same quarter in the previous year, the company posted $0.45 earnings per share. Cenovus Energy’s revenue for the quarter was up 47.9% on a year-over-year basis. Sell-side analysts anticipate that Cenovus Energy will post 2.89 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is 24.62%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Financial Management Professionals Inc. purchased a new position in shares of Cenovus Energy in the fourth quarter worth $25,000. Transamerica Financial Advisors LLC increased its holdings in 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 valued at $26,000 after acquiring an additional 1,433 shares during the last quarter. NBC Securities Inc. increased its holdings in 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 valued at $28,000 after acquiring an additional 1,500 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in Cenovus Energy in the 4th quarter worth $38,000. Finally, Geneos Wealth Management Inc. lifted its stake in Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after purchasing an additional 1,384 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

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.