Cenovus Energy (NYSE:CVE) Trading Up 5.6% – Time to Buy?

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE)’s stock price shot up 5.6% on Wednesday . The stock traded as high as $26.46 and last traded at $26.62. 2,858,469 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 12,003,028 shares. The stock had previously closed at $25.21.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CVE. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research report on Friday, June 26th. Lake Street Capital set a $36.00 price target on shares of Cenovus Energy in a research report on Wednesday, May 13th. Zacks Research cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Finally, The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $35.25.

Cenovus Energy Trading Up 4.3%

The stock has a 50 day moving average of $27.80 and a 200-day moving average of $23.82. The company has a market capitalization of $48.92 billion, a P/E ratio of 14.45 and a beta of 0.34. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. The company had revenue of $10.79 billion for the quarter, compared to analysts’ expectations of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The firm’s revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.47 EPS. On average, research analysts predict that Cenovus Energy Inc will post 3.02 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a dividend of $0.22 per share. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.3%. Cenovus Energy’s dividend payout ratio is presently 35.16%.

Institutional Investors Weigh In On Cenovus Energy

Institutional investors have recently bought and sold shares of the business. Jones Financial Companies Lllp boosted its stake in shares of Cenovus Energy by 574.8% in the first quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock worth $301,000 after acquiring an additional 18,405 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Cenovus Energy by 6.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock valued at $10,397,000 after purchasing an additional 44,125 shares during the period. Prudential Financial Inc. purchased a new position in Cenovus Energy in the 2nd quarter worth approximately $525,000. EverSource Wealth Advisors LLC boosted its stake in Cenovus Energy by 57.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 1,800 shares during the period. Finally, Marshall Wace LLP bought a new position in Cenovus Energy in the 2nd quarter worth approximately $495,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

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.