Barclays PLC Reiterates Overweight Rating for Cenovus Energy Inc. (CVE)
Cenovus Energy Inc. (NYSE:CVE)‘s stock had its “overweight” rating reissued by equities researchers at Barclays PLC in a note issued to investors on Monday. They currently have a $24.00 target price on the stock. Barclays PLC’s price objective indicates a potential upside of 56.45% from the company’s previous close.
Several other brokerages also recently issued reports on CVE. Bank of America Corp. assumed coverage on Cenovus Energy in a report on Friday, August 19th. They set a “neutral” rating and a $17.00 price target for the company. TD Securities downgraded Cenovus Energy from a “buy” rating to a “hold” rating and set a $21.00 price target for the company. in a report on Wednesday, August 10th. Morgan Stanley upgraded Cenovus Energy from an “equal weight” rating to an “overweight” rating in a report on Monday, June 13th. Royal Bank Of Canada reiterated an “outperform” rating and set a $23.00 price target on shares of Cenovus Energy in a report on Tuesday, June 21st. Finally, Scotiabank reiterated an “outperform” rating and set a $20.00 price target on shares of Cenovus Energy in a report on Sunday, July 31st. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $20.00.
Cenovus Energy (NYSE:CVE) traded up 2.95% on Monday, reaching $15.34. The company’s stock had a trading volume of 1,295,652 shares. Cenovus Energy has a 12 month low of $9.10 and a 12 month high of $16.81. The firm has a market cap of $12.78 billion, a price-to-earnings ratio of 21.76 and a beta of 0.81. The firm has a 50 day moving average of $14.33 and a 200 day moving average of $14.35.
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Cenovus Energy (NYSE:CVE) last released its quarterly earnings data on Thursday, July 28th. The company reported ($0.05) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.09. Cenovus Energy had a negative return on equity of 7.35% and a net margin of 6.97%. During the same quarter in the prior year, the business earned $0.18 earnings per share. Analysts anticipate that Cenovus Energy will post ($0.59) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were issued a dividend of $0.0378 per share. The ex-dividend date was Tuesday, September 13th. This represents a $0.15 dividend on an annualized basis and a yield of 0.99%. Cenovus Energy’s dividend payout ratio (DPR) is 20.83%.
Hedge funds have recently modified their holdings of the company. Bank of Montreal Can bought a new stake in shares of Cenovus Energy during the second quarter worth about $289,644,000. Mackenzie Financial Corp bought a new stake in shares of Cenovus Energy during the second quarter worth about $169,263,000. FMR LLC boosted its stake in shares of Cenovus Energy by 17.7% in the second quarter. FMR LLC now owns 35,147,014 shares of the company’s stock worth $486,147,000 after buying an additional 5,297,761 shares during the period. 1832 Asset Management L.P. boosted its stake in shares of Cenovus Energy by 193.8% in the first quarter. 1832 Asset Management L.P. now owns 7,246,586 shares of the company’s stock worth $154,065,000 after buying an additional 4,779,913 shares during the period. Finally, Beutel Goodman & Co Ltd. boosted its stake in shares of Cenovus Energy by 11.3% in the second quarter. Beutel Goodman & Co Ltd. now owns 42,418,807 shares of the company’s stock worth $582,692,000 after buying an additional 4,305,355 shares during the period. 67.80% of the stock is currently owned by institutional investors and hedge funds.
About Cenovus Energy
Cenovus Energy Inc is a Canada-based integrated oil company. It is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas. Its segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations. The Oil Sands segment includes the development and production of bitumen and natural gas in northeast Alberta.
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