Cenovus Energy (NYSE:CVE) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a hold rating to a strong-buy rating in a research report report published on Wednesday morning,Zacks.com reports.

Several other research analysts have also recently commented on CVE. The Goldman Sachs Group raised their target price on shares of Cenovus Energy from $22.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, March 12th. BMO Capital Markets reiterated an “outperform” rating on shares of Cenovus Energy in a report on Friday, February 20th. Royal Bank Of Canada increased their price target on shares of Cenovus Energy from $29.00 to $31.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 18th. Veritas raised shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, March 10th. Finally, Wall Street Zen raised shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Four equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $29.67.

Cenovus Energy Stock Performance

Shares of CVE opened at $26.43 on Wednesday. Cenovus Energy has a one year low of $11.60 and a one year high of $27.65. The company has a 50-day moving average of $24.37 and a two-hundred day moving average of $20.10. The stock has a market cap of $49.56 billion, a price-to-earnings ratio of 17.28 and a beta of 0.34. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, February 19th. The oil and gas company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.28 by $0.08. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. The company had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $10.89 billion. During the same period last year, the company posted $0.07 earnings per share. On average, equities research analysts expect that Cenovus Energy will post 2.28 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, March 13th. Cenovus Energy’s dividend payout ratio is 38.56%.

Institutional Trading of Cenovus Energy

A number of hedge funds have recently made changes to their positions in CVE. Financial Management Professionals Inc. purchased a new stake in shares of Cenovus Energy in the fourth quarter worth approximately $25,000. Transamerica Financial Advisors LLC lifted its position in shares of Cenovus Energy by 1,302.7% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 1,433 shares in the last quarter. NBC Securities Inc. raised its position in Cenovus Energy by 961.5% during the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 1,500 shares in the last quarter. Kestra Advisory Services LLC bought a new position in Cenovus Energy during the fourth quarter valued at approximately $38,000. Finally, Geneos Wealth Management Inc. raised its position in Cenovus Energy by 74.1% during the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after acquiring an additional 1,384 shares in the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

About Cenovus Energy

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.