Cenovus Energy Inc (NYSE:CVE) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have been assigned a consensus rating of “Buy” from the thirteen brokerages that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and four have given a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $27.00.

A number of brokerages have recently issued reports on CVE. BMO Capital Markets set a $29.00 price target on shares of Cenovus Energy in a research report on Monday, November 17th. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a research report on Thursday, November 20th. Zacks Research raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cenovus Energy in a research note on Thursday, October 30th. Finally, Royal Bank Of Canada lifted their price objective on shares of Cenovus Energy from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, November 17th.

Cenovus Energy Trading Down 2.4%

Shares of NYSE CVE opened at $16.23 on Wednesday. The firm has a 50 day moving average price of $17.41 and a two-hundred day moving average price of $16.38. The stock has a market cap of $30.59 billion, a P/E ratio of 13.31 and a beta of 0.49. Cenovus Energy has a 52-week low of $10.23 and a 52-week high of $18.75. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.18 and a current ratio of 1.73.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The business had revenue of $10.87 billion during the quarter, compared to the consensus estimate of $12.51 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 6.23%.Cenovus Energy’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.42 earnings per share. As a group, equities analysts forecast that Cenovus Energy will post 1.49 EPS for the current year.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend was Monday, December 15th. Cenovus Energy’s dividend payout ratio is 46.72%.

Institutional Trading of Cenovus Energy

Several hedge funds have recently bought and sold shares of the business. Capital Research Global Investors increased its position in shares of Cenovus Energy by 291.3% during the third quarter. Capital Research Global Investors now owns 106,582,971 shares of the oil and gas company’s stock worth $1,809,758,000 after acquiring an additional 79,345,506 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Cenovus Energy by 322.7% during the second quarter. Canada Pension Plan Investment Board now owns 15,521,050 shares of the oil and gas company’s stock valued at $211,338,000 after buying an additional 11,849,355 shares during the last quarter. Mackenzie Financial Corp grew its holdings in Cenovus Energy by 46.7% during the third quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock worth $520,196,000 after buying an additional 9,753,134 shares in the last quarter. CIBC Asset Management Inc grew its holdings in Cenovus Energy by 494.2% during the third quarter. CIBC Asset Management Inc now owns 11,442,043 shares of the oil and gas company’s stock worth $194,493,000 after buying an additional 9,516,460 shares in the last quarter. Finally, Picton Mahoney Asset Management purchased a new stake in Cenovus Energy in the 2nd quarter valued at $74,895,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.