Cenovus Energy Inc (NYSE:CVE) Stock Now Rated “Buy” by Sell-Side Analysts

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have received an average rating of “Buy” from the fifteen ratings firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $39.00.

Several equities analysts have recently weighed in on the stock. Desjardins raised shares of Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. Royal Bank Of Canada boosted their price target on shares of Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a report on Thursday, July 30th. Finally, Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Wednesday, September 2nd.

Cenovus Energy Trading Up 2.9%

Shares of CVE stock opened at $32.80 on Friday. The stock’s fifty day moving average is $31.69 and its two-hundred day moving average is $28.96. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63. The firm has a market capitalization of $59.75 billion, a P/E ratio of 12.61 and a beta of 0.46. Cenovus Energy has a fifty-two week low of $15.63 and a fifty-two week high of $34.16.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The company had revenue of $14.59 billion for the quarter, compared to analysts’ expectations of $11.87 billion. During the same quarter in the previous year, the company posted $0.45 EPS. The firm’s quarterly revenue was up 47.9% on a year-over-year basis. Research analysts expect that Cenovus Energy will post 4.12 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were issued a dividend of C$0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Tuesday, September 15th. Cenovus Energy’s payout ratio is currently 24.62%.

Institutional Investors Weigh In On Cenovus Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. GK Wealth Management LLC purchased a new position in Cenovus Energy during the third quarter worth approximately $59,000. Pacifica Partners Inc. increased its stake in shares of Cenovus Energy by 3.8% in the 3rd quarter. Pacifica Partners Inc. now owns 185,441 shares of the oil and gas company’s stock worth $5,849,000 after acquiring an additional 6,874 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Cenovus Energy by 23.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,993 shares of the oil and gas company’s stock worth $155,000 after acquiring an additional 956 shares during the period. Moody National Bank Trust Division purchased a new position in shares of Cenovus Energy during the 3rd quarter worth $203,000. Finally, Versant Capital Management Inc raised its holdings in shares of Cenovus Energy by 990.9% during the 3rd quarter. Versant Capital Management Inc now owns 1,080 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 981 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

About Cenovus Energy

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids, with a significant focus on oil sands operations in Alberta. Its upstream activities include oil sands mining and in situ production, conventional oil and gas production, and the upgrading of heavy crude into synthetic crude oil.

Cenovus also operates in the downstream energy sector through crude oil refining, petroleum upgrading, marketing and distribution.