Cenovus Energy Inc (CVE) Coverage Initiated by Analysts at Credit Suisse Group AG
Equities researchers at Credit Suisse Group AG began coverage on shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in a report issued on Friday. The brokerage set an “outperform” rating on the oil and gas company’s stock.
Other analysts have also recently issued research reports about the company. Zacks Investment Research raised Cenovus Energy from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research report on Wednesday, February 8th. Societe Generale raised Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Thursday, February 16th. Macquarie raised Cenovus Energy from an “underperform” rating to a “neutral” rating in a research report on Thursday, March 30th. Goldman Sachs Group Inc reduced their price objective on Cenovus Energy from $13.00 to $12.00 and set a “sell” rating for the company in a research report on Wednesday, March 8th. Finally, Canaccord Genuity reissued a “hold” rating and set a $16.50 price objective on shares of Cenovus Energy in a research report on Wednesday, April 26th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. Cenovus Energy has a consensus rating of “Hold” and an average target price of $19.35.
Cenovus Energy (NYSE:CVE) traded up 0.33% during trading on Friday, reaching $9.24. The company’s stock had a trading volume of 494,586 shares. The company’s 50-day moving average is $10.05 and its 200-day moving average is $12.98. The company’s market capitalization is $7.70 billion. Cenovus Energy has a 1-year low of $9.11 and a 1-year high of $16.82.
Cenovus Energy (NYSE:CVE) last issued its earnings results on Wednesday, April 26th. The oil and gas company reported ($0.04) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by $0.06. The business had revenue of $2.92 billion during the quarter, compared to analyst estimates of $3.21 billion. Cenovus Energy had a negative return on equity of 9.35% and a negative net margin of 11.17%. During the same period last year, the business earned ($0.51) EPS. Equities analysts anticipate that Cenovus Energy will post $0.24 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be issued a $0.0371 dividend. This represents a $0.15 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend is Tuesday, June 13th. Cenovus Energy’s payout ratio is -12.93%.
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Institutional investors have recently bought and sold shares of the company. FNY Partners Fund LP acquired a new position in Cenovus Energy during the first quarter worth about $113,000. Allegis Investment Advisors LLC acquired a new position in Cenovus Energy during the first quarter worth about $135,000. Neuberger Berman Group LLC increased its position in Cenovus Energy by 7.4% in the first quarter. Neuberger Berman Group LLC now owns 12,992 shares of the oil and gas company’s stock worth $147,000 after buying an additional 900 shares during the last quarter. Acadian Asset Management LLC increased its position in Cenovus Energy by 51.6% in the first quarter. Acadian Asset Management LLC now owns 13,800 shares of the oil and gas company’s stock worth $156,000 after buying an additional 4,700 shares during the last quarter. Finally, Sciencast Management LP acquired a new position in Cenovus Energy during the fourth quarter worth about $163,000. 68.12% of the stock is currently owned by institutional investors.
About Cenovus Energy
Cenovus Energy Inc is a Canada-based integrated oil company. The Company is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGL) and natural gas. Its segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations. Its Oil Sands segment includes the development and production of bitumen and natural gas in northeast Alberta.
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