Cenovus Energy Inc. (NYSE:CVE) Receives $30.67 Consensus PT from Brokerages

Shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) have earned an average recommendation of “Buy” from the four research firms that are currently covering the stock, Marketbeat reports. Four research analysts have rated the stock with a buy rating. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $30.67.

CVE has been the topic of several analyst reports. Raymond James upgraded Cenovus Energy to a “moderate buy” rating in a research report on Tuesday, May 28th. Scotiabank decreased their target price on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Finally, StockNews.com downgraded shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a report on Friday, July 26th.

Cenovus Energy Stock Down 0.6 %

CVE opened at $17.11 on Thursday. The company has a 50 day moving average of $18.53 and a 200 day moving average of $19.43. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25. Cenovus Energy has a 12 month low of $14.69 and a 12 month high of $21.90. The company has a market cap of $31.81 billion, a PE ratio of 9.51 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). The company had revenue of $10.88 billion during the quarter, compared to the consensus estimate of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. On average, sell-side analysts expect that Cenovus Energy will post 1.85 EPS for the current year.

Cenovus Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a $0.132 dividend. This represents a $0.53 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend is Friday, September 13th. Cenovus Energy’s dividend payout ratio (DPR) is 29.44%.

Hedge Funds Weigh In On Cenovus Energy

A number of institutional investors have recently made changes to their positions in CVE. Healthcare of Ontario Pension Plan Trust Fund grew its position in Cenovus Energy by 4,319.1% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,218,376 shares of the oil and gas company’s stock worth $43,609,000 after acquiring an additional 2,168,176 shares in the last quarter. Truist Financial Corp lifted its stake in Cenovus Energy by 5.4% during the second quarter. Truist Financial Corp now owns 82,313 shares of the oil and gas company’s stock worth $1,618,000 after purchasing an additional 4,208 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Cenovus Energy by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after purchasing an additional 643 shares in the last quarter. Creative Planning increased its position in shares of Cenovus Energy by 8.1% during the 2nd quarter. Creative Planning now owns 292,758 shares of the oil and gas company’s stock valued at $5,756,000 after purchasing an additional 21,991 shares during the last quarter. Finally, SkyView Investment Advisors LLC increased its position in shares of Cenovus Energy by 13.2% during the 2nd quarter. SkyView Investment Advisors LLC now owns 41,510 shares of the oil and gas company’s stock valued at $816,000 after purchasing an additional 4,830 shares during the last quarter. Institutional investors own 51.19% of the company’s stock.

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.