Cenovus Energy Inc (NYSE:CVE) Receives $29.67 Consensus PT from Analysts

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) has been given an average recommendation of “Buy” by the fourteen brokerages that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $31.25.

CVE has been the subject of several research reports. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Cenovus Energy in a report on Tuesday, January 20th. Royal Bank Of Canada increased their price objective on shares of Cenovus Energy from $29.00 to $31.00 and gave the company an “outperform” rating in a report on Wednesday, February 18th. The Goldman Sachs Group reissued a “buy” rating on shares of Cenovus Energy in a report on Wednesday. TD Securities reissued a “buy” rating on shares of Cenovus Energy in a report on Friday, February 20th. Finally, Zacks Research raised shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 22nd.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CVE. Financial Management Professionals Inc. bought a new position in shares of Cenovus Energy in the 4th quarter valued at about $25,000. Transamerica Financial Advisors LLC lifted its holdings in shares of Cenovus Energy by 1,302.7% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 1,433 shares during the last quarter. NBC Securities Inc. lifted its holdings in shares of Cenovus Energy by 961.5% in the 4th 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 during the last quarter. Kestra Advisory Services LLC bought a new position in shares of Cenovus Energy in the 4th quarter valued at about $38,000. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Cenovus Energy by 74.1% in the 2nd 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 during the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Up 2.2%

CVE opened at $30.80 on Tuesday. The firm has a 50-day simple moving average of $26.21 and a two-hundred day simple moving average of $21.26. Cenovus Energy has a 52 week low of $12.88 and a 52 week high of $30.84. The company has a market capitalization of $57.75 billion, a PE ratio of 16.92 and a beta of 0.37. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The business had revenue of $10.79 billion during the quarter, compared to the consensus estimate of $9.47 billion. During the same quarter in the prior year, the firm earned $0.47 EPS. The business’s revenue was up 1.0% on a year-over-year basis. Analysts forecast that Cenovus Energy will post 3.01 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s payout ratio is 32.42%.

Cenovus Energy Company Profile

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.