Cenovus Energy Coverage Initiated at Raymond James (CVE)
Analysts at Raymond James started coverage on shares of Cenovus Energy (NYSE:CVE) in a research report issued to clients and investors on Tuesday, StockRatingsNetwork.com reports. The firm set an “outperform” rating and a $38.50 price target on the stock. Raymond James’ target price would suggest a potential upside of 31.26% from the company’s current price.
The analysts wrote, “We are resuming coverage on Cenovus Energy Inc. (Cenovus) with an Outperform rating and $38.50 target price. We believe the noticeable underperformance of the shares in 2013 (-16% vs. the TSX Energy Index) represents an attractive entry point for what we believe to be a top-tier energy company in the Canadian capital markets.”
Shares of Cenovus Energy (NYSE:CVE) opened at 29.33 on Tuesday. Cenovus Energy has a 52-week low of $27.25 and a 52-week high of $34.60. The stock has a 50-day moving average of $29.41 and a 200-day moving average of $29.49. The company has a market cap of $22.169 billion and a P/E ratio of 36.43.
Cenovus Energy (NYSE:CVE) last issued its quarterly earnings data on Thursday, October 24th. The company reported $0.41 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.49 by $0.08. During the same quarter last year, the company posted $0.57 earnings per share. Analysts expect that Cenovus Energy will post $1.71 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a dividend of $0.24 per share. This represents a $0.94 annualized dividend and a dividend yield of 3.21%. The ex-dividend date is Wednesday, December 11th.
A number of other analysts have also recently weighed in on CVE. Analysts at Citigroup Inc. initiated coverage on shares of Cenovus Energy in a research note to investors on Tuesday. They set a “buy” rating on the stock. Separately, analysts at Scotiabank reiterated a “sector outperform” rating on shares of Cenovus Energy in a research note to investors on Friday, October 25th. They now have a $40.00 price target on the stock. Finally, analysts at RBC Capital raised their price target on shares of Cenovus Energy from $39.00 to $40.00 in a research note to investors on Friday, October 25th. They now have an “outperform” rating on the stock. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $37.72.
Cenovus Energy Inc (NYSE:CVE) is an integrated oil company.
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