Cenovus Energy Inc. (NYSE:CVE) Receives Average Recommendation of “Buy” from Analysts

Shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) have received an average recommendation of “Buy” from the five research firms that are currently covering the stock, MarketBeat reports. Five analysts have rated the stock with a buy recommendation. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $26.67.

CVE has been the subject of several recent research reports. UBS Group upgraded Cenovus Energy from a “neutral” rating to a “buy” rating in a report on Friday, February 23rd. StockNews.com upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a report on Thursday, April 11th. Morgan Stanley boosted their price objective on Cenovus Energy from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $28.00 price objective on shares of Cenovus Energy in a report on Friday, January 26th.

Institutional Investors Weigh In On Cenovus Energy

Several institutional investors have recently bought and sold shares of the stock. Capital World Investors grew its holdings in Cenovus Energy by 5.4% during the fourth quarter. Capital World Investors now owns 150,534,829 shares of the oil and gas company’s stock worth $2,508,185,000 after buying an additional 7,750,480 shares in the last quarter. Vanguard Group Inc. boosted its position in Cenovus Energy by 1.4% in the third quarter. Vanguard Group Inc. now owns 49,480,149 shares of the oil and gas company’s stock worth $1,030,177,000 after purchasing an additional 690,057 shares during the last quarter. Wellington Management Group LLP boosted its position in Cenovus Energy by 0.8% in the third quarter. Wellington Management Group LLP now owns 47,327,214 shares of the oil and gas company’s stock worth $986,334,000 after purchasing an additional 388,652 shares during the last quarter. TD Asset Management Inc boosted its position in Cenovus Energy by 26.5% in the fourth quarter. TD Asset Management Inc now owns 42,191,779 shares of the oil and gas company’s stock worth $706,503,000 after purchasing an additional 8,841,374 shares during the last quarter. Finally, Boston Partners boosted its position in Cenovus Energy by 8.6% in the third quarter. Boston Partners now owns 29,412,644 shares of the oil and gas company’s stock worth $676,838,000 after purchasing an additional 2,325,082 shares during the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Trading Up 0.9 %

Shares of CVE stock opened at $20.85 on Monday. The company has a market cap of $38.89 billion, a P/E ratio of 13.20 and a beta of 2.15. The stock has a 50 day simple moving average of $18.97 and a two-hundred day simple moving average of $17.99. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.91 and a current ratio of 1.56. Cenovus Energy has a fifty-two week low of $14.69 and a fifty-two week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. The business had revenue of $9.65 billion during the quarter, compared to the consensus estimate of $9.73 billion. Cenovus Energy had a return on equity of 14.85% and a net margin of 7.88%. During the same period in the previous year, the company posted $0.29 earnings per share. Research analysts forecast that Cenovus Energy will post 1.88 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.1033 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.41 annualized dividend and a yield of 1.98%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.10. Cenovus Energy’s dividend payout ratio is 25.95%.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.