Cenovus Energy Inc. (NYSE:CVE) Given Average Rating of “Moderate Buy” by Brokerages

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

A number of brokerages recently weighed in on CVE. BMO Capital Markets decreased their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st. StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th. Finally, TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st.

Hedge Funds Weigh In On Cenovus Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Smead Capital Management Inc. grew its position in shares of Cenovus Energy by 39.3% in the 3rd quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock worth $257,831,000 after buying an additional 4,351,960 shares during the last quarter. 1832 Asset Management L.P. grew its holdings in Cenovus Energy by 81.1% in the second quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock worth $246,507,000 after purchasing an additional 5,613,320 shares during the last quarter. Mackenzie Financial Corp grew its holdings in Cenovus Energy by 5.3% in the second quarter. Mackenzie Financial Corp now owns 11,186,227 shares of the oil and gas company’s stock worth $219,897,000 after purchasing an additional 562,663 shares during the last quarter. Ninepoint Partners LP lifted its holdings in shares of Cenovus Energy by 19.0% during the 2nd quarter. Ninepoint Partners LP now owns 7,500,000 shares of the oil and gas company’s stock valued at $147,450,000 after purchasing an additional 1,200,000 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Cenovus Energy by 9.7% in the 3rd quarter. Geode Capital Management LLC now owns 6,413,919 shares of the oil and gas company’s stock worth $109,232,000 after purchasing an additional 568,732 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Shares of CVE stock opened at $15.15 on Friday. The stock has a 50 day moving average price of $15.59 and a 200 day moving average price of $17.42. Cenovus Energy has a 52-week low of $14.20 and a 52-week high of $21.90. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The firm has a market capitalization of $27.65 billion, a P/E ratio of 10.45 and a beta of 2.02.

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

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a $0.133 dividend. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.53 dividend on an annualized basis and a yield of 3.51%. Cenovus Energy’s payout ratio is 36.55%.

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.