Cenovus Energy’s (CVE) Overweight Rating Reaffirmed at Barclays PLC
Cenovus Energy Inc. (NYSE:CVE)‘s stock had its “overweight” rating restated by investment analysts at Barclays PLC in a research note issued to investors on Monday. They presently have a $24.00 price objective on the stock. Barclays PLC’s price objective indicates a potential upside of 56.45% from the stock’s current price.
Other equities research analysts have also recently issued reports about the stock. Credit Suisse Group AG reissued a “buy” rating on shares of Cenovus Energy in a research report on Sunday, July 10th. Royal Bank Of Canada reissued an “outperform” rating and set a $23.00 price target on shares of Cenovus Energy in a research report on Tuesday, June 21st. Morgan Stanley raised shares of Cenovus Energy from an “equal weight” rating to an “overweight” rating in a research report on Monday, June 13th. TD Securities cut shares of Cenovus Energy from a “buy” rating to a “hold” rating and set a $21.00 price target on the stock. in a research report on Wednesday, August 10th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Cenovus Energy from $19.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, July 29th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Cenovus Energy currently has an average rating of “Buy” and a consensus target price of $20.00.
Cenovus Energy (NYSE:CVE) traded up 2.95% during midday trading on Monday, hitting $15.34. 1,295,652 shares of the company traded hands. The stock’s 50-day moving average price is $14.33 and its 200 day moving average price is $14.35. The company has a market capitalization of $12.78 billion, a price-to-earnings ratio of 21.76 and a beta of 0.81. Cenovus Energy has a 12-month low of $9.10 and a 12-month high of $16.81.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/10/cenovus-energys-cve-overweight-rating-reaffirmed-at-barclays-plc.html
Cenovus Energy (NYSE:CVE) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.09. Cenovus Energy had a net margin of 6.97% and a negative return on equity of 7.35%. During the same quarter in the previous year, the firm posted $0.18 EPS. On average, equities analysts forecast that Cenovus Energy will post ($0.59) EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were given a dividend of $0.0378 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.15 dividend on an annualized basis and a dividend yield of 0.99%. Cenovus Energy’s payout ratio is presently 20.83%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Ameriprise Financial Inc. raised its position in shares of Cenovus Energy by 0.3% in the second quarter. Ameriprise Financial Inc. now owns 96,679 shares of the company’s stock worth $1,336,000 after buying an additional 333 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of Cenovus Energy by 1.8% in the second quarter. DekaBank Deutsche Girozentrale now owns 31,854 shares of the company’s stock worth $439,000 after buying an additional 554 shares during the last quarter. M&T Bank Corp raised its position in shares of Cenovus Energy by 4.8% in the first quarter. M&T Bank Corp now owns 12,881 shares of the company’s stock worth $168,000 after buying an additional 589 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its position in shares of Cenovus Energy by 1.6% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 42,341 shares of the company’s stock worth $585,000 after buying an additional 677 shares during the last quarter. Finally, Cumberland Partners Ltd raised its position in shares of Cenovus Energy by 4.4% in the second quarter. Cumberland Partners Ltd now owns 16,500 shares of the company’s stock worth $227,000 after buying an additional 700 shares during the last quarter. Hedge funds and other institutional investors own 67.80% of the company’s stock.
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.
Receive News & Ratings for Cenovus Energy Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cenovus Energy Inc. and related companies with MarketBeat.com's FREE daily email newsletter.