Cenovus Energy Inc. (NYSE:CVE) Receives $30.00 Consensus Target Price from Brokerages

Shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) have been assigned an average rating of “Moderate Buy” from the six brokerages that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $30.00.

CVE has been the topic of several recent analyst reports. TD Securities cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. StockNews.com lowered Cenovus Energy from a “buy” rating to a “hold” rating in a report on Saturday. Finally, BMO Capital Markets reduced their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, November 1st.

Institutional Investors Weigh In On Cenovus Energy

Several large investors have recently added to or reduced their stakes in CVE. Truvestments Capital LLC bought a new stake in Cenovus Energy during the third quarter valued at approximately $25,000. Blue Trust Inc. lifted its holdings in shares of Cenovus Energy by 640.3% during the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 2,651 shares during the last quarter. SevenBridge Financial Group LLC purchased a new position in Cenovus Energy in the third quarter worth $162,000. Northwestern Mutual Wealth Management Co. increased its stake in Cenovus Energy by 8.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after acquiring an additional 643 shares during the last quarter. Finally, FCG Investment Co purchased a new stake in Cenovus Energy during the third quarter valued at about $211,000. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Up 1.3 %

Cenovus Energy stock opened at $14.83 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $27.07 billion, a PE ratio of 10.23 and a beta of 2.02. The firm’s fifty day moving average is $15.70 and its 200 day moving average is $17.48. Cenovus Energy has a 12-month low of $14.20 and a 12-month high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. The firm had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The business’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same period last year, the firm earned $0.72 earnings per share. As a group, sell-side analysts predict that Cenovus Energy will post 1.48 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.133 per share. This represents a $0.53 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date is Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio is 36.55%.

About Cenovus Energy

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.