Cenovus Energy Inc (NYSE:CVE) Receives Consensus Rating of “Buy” from Brokerages

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have been assigned a consensus recommendation of “Buy” from the fifteen research firms that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $35.25.

Several equities research analysts have recently weighed in on the stock. Lake Street Capital set a $36.00 target price on shares of Cenovus Energy in a research note on Wednesday, May 13th. UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a report on Thursday, April 9th. Wall Street Zen lowered shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research report on Friday, June 26th. Finally, Desjardins raised shares of Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th.

Hedge Funds Weigh In On Cenovus Energy

Several hedge funds have recently bought and sold shares of CVE. Financial Management Professionals Inc. purchased a new stake in Cenovus Energy in the fourth quarter worth $25,000. Transamerica Financial Advisors LLC boosted its stake in shares of Cenovus Energy by 1,302.7% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 1,433 shares during the period. NBC Securities Inc. grew its holdings in shares of Cenovus Energy by 961.5% in the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 1,500 shares during the last quarter. Kestra Advisory Services LLC bought a new position in shares of Cenovus Energy in the fourth quarter worth about $38,000. Finally, Geneos Wealth Management Inc. increased its stake in Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after buying an additional 1,384 shares during the period. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

NYSE:CVE opened at $29.26 on Friday. The stock’s fifty day moving average is $27.46 and its 200 day moving average is $24.77. Cenovus Energy has a fifty-two week low of $14.31 and a fifty-two week high of $32.07. The firm has a market capitalization of $54.45 billion, a PE ratio of 16.08 and a beta of 0.34. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. The company had revenue of $10.79 billion during the quarter, compared to the consensus estimate of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.Cenovus Energy’s revenue was up 1.0% on a year-over-year basis. During the same period last year, the company earned $0.47 earnings per share. On average, sell-side analysts anticipate that Cenovus Energy will post 3.02 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.0%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio is 35.16%.

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.