Cenovus Energy Inc (NYSE:CVE) Receives $25.67 Consensus Target Price from Analysts

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have earned an average recommendation of “Buy” from the thirteen ratings firms that are covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and four have assigned a strong buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $25.6667.

CVE has been the topic of several research analyst reports. 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. National Bankshares reissued an “outperform” rating on shares of Cenovus Energy in a report on Wednesday, September 10th. Weiss Ratings restated a “hold (c)” rating on shares of Cenovus Energy in a report on Thursday, October 30th. BMO Capital Markets set a $29.00 target price on Cenovus Energy in a research report on Monday, November 17th. Finally, UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a research note on Monday, August 25th.

Institutional Trading of Cenovus Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Capital Research Global Investors increased its holdings in shares of Cenovus Energy by 291.3% during the third quarter. Capital Research Global Investors now owns 106,582,971 shares of the oil and gas company’s stock worth $1,809,758,000 after purchasing an additional 79,345,506 shares during the period. Vanguard Group Inc. increased its stake in Cenovus Energy by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 56,327,634 shares of the oil and gas company’s stock worth $956,387,000 after acquiring an additional 354,241 shares during the period. Mackenzie Financial Corp raised its holdings in Cenovus Energy by 46.7% in the 3rd quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock valued at $520,196,000 after acquiring an additional 9,753,134 shares in the last quarter. Boston Partners lifted its position in shares of Cenovus Energy by 2.3% during the 2nd quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company’s stock valued at $365,097,000 after acquiring an additional 606,042 shares during the period. Finally, Smead Capital Management Inc. grew its holdings in shares of Cenovus Energy by 13.3% during the 2nd quarter. Smead Capital Management Inc. now owns 17,552,075 shares of the oil and gas company’s stock worth $238,999,000 after purchasing an additional 2,056,163 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

CVE opened at $16.98 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.73 and a debt-to-equity ratio of 0.25. Cenovus Energy has a 12-month low of $10.23 and a 12-month high of $18.75. The business has a 50 day moving average of $17.50 and a 200-day moving average of $16.10. The stock has a market cap of $32.09 billion, a price-to-earnings ratio of 13.91 and a beta of 0.52.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. Cenovus Energy had a return on equity of 10.73% and a net margin of 6.23%.The business had revenue of $10.87 billion for the quarter, compared to analysts’ expectations of $12.51 billion. During the same quarter in the prior year, the business earned $0.42 EPS. The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. On average, equities research analysts expect that Cenovus Energy will post 1.49 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Monday, December 15th. Cenovus Energy’s payout ratio is presently 46.72%.

About Cenovus Energy

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.