Analysts Set Cenovus Energy Inc (NYSE:CVE) Target Price at $23.33

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) has earned a consensus rating of “Buy” from the fourteen ratings firms that are currently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and four have issued a strong buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $23.3333.

A number of research analysts have recently commented on CVE shares. Jefferies Financial Group reissued a “buy” rating on shares of Cenovus Energy in a research report on Tuesday, September 2nd. National Bankshares reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Wednesday, September 10th. Raymond James Financial raised shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, October 9th. Zacks Research upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Finally, TD Securities reiterated a “buy” rating on shares of Cenovus Energy in a research note on Tuesday, September 30th.

Cenovus Energy Price Performance

CVE stock opened at $17.09 on Friday. The firm has a market cap of $30.54 billion, a P/E ratio of 16.92 and a beta of 0.92. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 1.32. Cenovus Energy has a 1 year low of $10.23 and a 1 year high of $18.60. The stock has a 50-day simple moving average of $16.87 and a 200-day simple moving average of $14.76.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.14 by $0.19. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%.The firm had revenue of $10.66 billion for the quarter, compared to analyst estimates of $10.64 billion. During the same period in the previous year, the company posted $0.62 EPS. Cenovus Energy’s revenue for the quarter was down 12.6% on a year-over-year basis. On average, equities analysts predict that Cenovus Energy will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Monday, September 15th. Cenovus Energy’s dividend payout ratio is 57.43%.

Institutional Trading of Cenovus Energy

Several institutional investors have recently added to or reduced their stakes in CVE. Lodestone Wealth Management LLC boosted its stake in Cenovus Energy by 1.1% during the 3rd quarter. Lodestone Wealth Management LLC now owns 111,442 shares of the oil and gas company’s stock valued at $1,893,000 after acquiring an additional 1,264 shares during the last quarter. Penbrook Management LLC raised its stake in shares of Cenovus Energy by 3.8% in the 3rd quarter. Penbrook Management LLC now owns 29,880 shares of the oil and gas company’s stock valued at $508,000 after purchasing an additional 1,080 shares in the last quarter. Adams Natural Resources Fund Inc. bought a new position in shares of Cenovus Energy during the third quarter worth about $3,875,000. JARISLOWSKY FRASER Ltd lifted its position in shares of Cenovus Energy by 61.4% during the third quarter. JARISLOWSKY FRASER Ltd now owns 26,474 shares of the oil and gas company’s stock worth $450,000 after purchasing an additional 10,076 shares during the last quarter. Finally, Signaturefd LLC grew its stake in Cenovus Energy by 2.8% in the third quarter. Signaturefd LLC now owns 66,029 shares of the oil and gas company’s stock worth $1,122,000 after purchasing an additional 1,805 shares in the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

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.