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Cenovus Energy Inc. (NYSE:CVE) Given Consensus Rating of "Buy" by Brokerages

Defense World ·  09/29 14:22

Cenovus Energy Inc. (NYSE:CVE – Get Rating) (TSE:CVE) has received an average rating of "Buy" from the fourteen research firms that are presently covering the firm, reports. Eight analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $26.13.

Several equities research analysts have issued reports on CVE shares. National Bank Financial lowered their price target on Cenovus Energy from C$41.00 to C$38.00 in a report on Monday, July 18th. Credit Suisse Group reissued an "outperform" rating and set a $37.00 price target on shares of Cenovus Energy in a research report on Thursday, August 11th. Finally, Scotiabank raised their price objective on Cenovus Energy from C$25.00 to C$34.00 in a research report on Wednesday, June 8th.

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Institutional Trading of Cenovus Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GQG Partners LLC bought a new stake in Cenovus Energy during the 2nd quarter worth approximately $609,445,000. Egerton Capital UK LLP purchased a new stake in shares of Cenovus Energy during the second quarter valued at approximately $348,567,000. Soroban Capital Partners LP purchased a new stake in shares of Cenovus Energy during the fourth quarter valued at approximately $133,533,000. Capital World Investors increased its position in shares of Cenovus Energy by 71.2% during the fourth quarter. Capital World Investors now owns 21,911,708 shares of the oil and gas company's stock valued at $268,667,000 after acquiring an additional 9,113,090 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in Cenovus Energy by 68.8% during the first quarter. Wellington Management Group LLP now owns 19,871,360 shares of the oil and gas company's stock valued at $331,500,000 after purchasing an additional 8,098,474 shares during the period. 50.30% of the stock is owned by institutional investors.

Cenovus Energy Price Performance

Shares of CVE stock opened at $15.61 on Thursday. The stock's fifty day simple moving average is $18.01 and its 200 day simple moving average is $18.58. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.73 and a quick ratio of 1.14. The firm has a market cap of $30.14 billion, a price-to-earnings ratio of 9.76 and a beta of 2.30. Cenovus Energy has a one year low of $9.76 and a one year high of $24.91.

Cenovus Energy (NYSE:CVE – Get Rating) (TSE:CVE) last posted its quarterly earnings data on Thursday, July 28th. The oil and gas company reported $0.93 EPS for the quarter, topping analysts' consensus estimates of $0.89 by $0.04. Cenovus Energy had a return on equity of 23.47% and a net margin of 6.51%. The company had revenue of $15.02 billion for the quarter, compared to analyst estimates of $13.16 billion. On average, analysts expect that Cenovus Energy will post 3.41 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th will be paid a $0.0814 dividend. This represents a $0.33 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend is Wednesday, September 14th. Cenovus Energy's dividend payout ratio is 20.00%.

Cenovus Energy Company Profile

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Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada, the United States, and the Asia Pacific region. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, U.S. Manufacturing, and Retail segments.

Further Reading

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