Cenovus Energy Inc (NYSE:CVE) Receives Average Rating of “Moderate Buy” from Analysts

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) has earned a consensus rating of “Moderate Buy” from the fifteen analysts that are currently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, twelve have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $39.00.

CVE has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “overweight” rating in a research report on Tuesday, September 8th. Zacks Research cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. UBS Group downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. Finally, Scotiabank restated an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th.

Hedge Funds Weigh In On Cenovus Energy

Institutional investors have recently bought and sold shares of the business. OLD National Bancorp IN raised its holdings in Cenovus Energy by 5.2% in the 1st quarter. OLD National Bancorp IN now owns 12,597 shares of the oil and gas company’s stock valued at $334,000 after acquiring an additional 618 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Cenovus Energy by 15.7% during the 4th quarter. IFP Advisors Inc now owns 4,839 shares of the oil and gas company’s stock worth $82,000 after purchasing an additional 656 shares in the last quarter. CoreCap Advisors LLC increased its holdings in Cenovus Energy by 17.1% in the 2nd quarter. CoreCap Advisors LLC now owns 4,710 shares of the oil and gas company’s stock valued at $117,000 after buying an additional 687 shares during the period. Castle Rock Wealth Management LLC increased its holdings in Cenovus Energy by 0.8% in the 2nd quarter. Castle Rock Wealth Management LLC now owns 101,672 shares of the oil and gas company’s stock valued at $2,491,000 after buying an additional 795 shares during the period. Finally, Confluence Investment Management LLC raised its position in shares of Cenovus Energy by 1.3% in the 2nd quarter. Confluence Investment Management LLC now owns 64,557 shares of the oil and gas company’s stock valued at $1,602,000 after buying an additional 830 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Trading Down 0.1%

Shares of NYSE:CVE opened at $32.58 on Monday. The firm has a market cap of $60.03 billion, a price-to-earnings ratio of 12.53 and a beta of 0.35. Cenovus Energy has a 12 month low of $15.63 and a 12 month high of $34.16. The company’s fifty day simple moving average is $30.73 and its 200 day simple moving average is $28.05. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, hitting the consensus estimate of $1.11. The company had revenue of $14.59 billion during the quarter, compared to analysts’ expectations of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.Cenovus Energy’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.45 earnings per share. As a group, research analysts forecast that Cenovus Energy will post 3.57 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a $0.22 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.7%. Cenovus Energy’s dividend payout ratio (DPR) is currently 24.23%.

About Cenovus Energy

Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.

Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.