According to Zacks, “Cenovus Energy is an integrated oil company headquartered in Calgary, Alberta. The Company’s operations include their growing enhanced oil projects and established natural gas and crude oil production in Alberta and Saskatchewan. The Company has four top-quality enhanced oil projects: Foster Creek, Christina Lake, Pelican Lake and Weyburn. Foster Creek, Christina Lake and Pelican Lake are located in northeast Alberta, and Weyburn is in Saskatchewan. The Company also has ownership interest in two high-quality refineries in Illinois and Texas. Cenovus Energy’s ongoing objective is to advance technologies that reduce the amount of water, steam, natural gas and electricity used in their operations and to decrease surface land disturbance. “
CVE has been the subject of a number of other research reports. Royal Bank Of Canada restated an outperform rating and issued a $23.00 price objective on shares of Cenovus Energy in a research note on Tuesday, June 21st. TD Securities reiterated a buy rating and set a $21.00 target price on shares of Cenovus Energy in a research report on Sunday, July 31st. Barclays PLC upgraded shares of Cenovus Energy from an underweight rating to an overweight rating and increased their target price for the stock from $20.00 to $24.00 in a research report on Wednesday, July 13th. Morgan Stanley upgraded shares of Cenovus Energy from an equal weight rating to an overweight rating in a research report on Monday, June 13th. Finally, JPMorgan Chase & Co. increased their target price on shares of Cenovus Energy from $19.00 to $20.00 and gave the stock a neutral rating in a research report on Friday, July 29th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Cenovus Energy currently has an average rating of Buy and an average price target of $20.00.
Shares of Cenovus Energy (NYSE:CVE) opened at 14.37 on Wednesday. The company has a 50 day moving average of $14.44 and a 200-day moving average of $14.27. The company has a market capitalization of $11.97 billion, a P/E ratio of 20.50 and a beta of 0.81. Cenovus Energy has a 12-month low of $9.10 and a 12-month high of $17.23.
Cenovus Energy (NYSE:CVE) last announced its quarterly earnings data on Thursday, July 28th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.09. Cenovus Energy had a net margin of 6.97% and a negative return on equity of 7.35%. During the same period in the previous year, the business posted $0.18 earnings per share. On average, equities analysts anticipate that Cenovus Energy will post ($0.60) EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were paid a $0.0378 dividend. This represents a $0.15 annualized dividend and a dividend yield of 1.05%. The ex-dividend date was Tuesday, September 13th. Cenovus Energy’s dividend payout ratio (DPR) is presently 20.83%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wolverine Asset Management LLC purchased a new position in Cenovus Energy during the second quarter valued at $2,625,000. Lincluden Management Ltd. raised its position in Cenovus Energy by 17.8% in the second quarter. Lincluden Management Ltd. now owns 1,862,811 shares of the company’s stock valued at $25,757,000 after buying an additional 281,770 shares during the last quarter. Hillsdale Investment Management Inc. raised its position in Cenovus Energy by 36.3% in the second quarter. Hillsdale Investment Management Inc. now owns 48,800 shares of the company’s stock valued at $675,000 after buying an additional 13,000 shares during the last quarter. Mawer Investment Management Ltd. raised its position in Cenovus Energy by 19.8% in the second quarter. Mawer Investment Management Ltd. now owns 6,575,204 shares of the company’s stock valued at $117,499,000 after buying an additional 1,084,493 shares during the last quarter. Finally, Legal & General Group Plc raised its position in Cenovus Energy by 4.4% in the second quarter. Legal & General Group Plc now owns 4,080,105 shares of the company’s stock valued at $56,133,000 after buying an additional 171,865 shares during the last quarter. 67.80% of the stock is currently owned by institutional investors and hedge funds.
Cenovus Energy Company Profile
Cenovus Energy Inc (Cenovus) is an integrated oil company. The Company is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas in Canada with marketing activities and refining operations in the United States. The Company’s segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations.
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