Cenovus Energy Inc (NYSE:CVE) Receives $35.25 Average Target Price from Analysts

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) has been assigned a consensus recommendation of “Moderate Buy” from the fifteen research firms that are presently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $36.25.

Several research firms have recently issued reports on CVE. Desjardins upgraded shares of Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. Lake Street Capital set a $36.00 price objective on Cenovus Energy in a research report on Wednesday, May 13th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday. UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Finally, Royal Bank Of Canada upped their price objective on shares of Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Thursday.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Capital Research Global Investors grew its holdings in Cenovus Energy by 16.6% during the 4th quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock worth $2,103,090,000 after acquiring an additional 17,730,542 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Cenovus Energy by 12.8% in the fourth quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock worth $1,074,660,000 after acquiring an additional 7,197,843 shares during the last quarter. Capital International Investors raised its stake in shares of Cenovus Energy by 3.9% in the fourth quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock worth $862,505,000 after acquiring an additional 1,903,432 shares during the last quarter. FIL Ltd lifted its position in shares of Cenovus Energy by 40.0% during the fourth quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company’s stock worth $651,880,000 after purchasing an additional 11,019,212 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Cenovus Energy by 111.2% during the first quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock valued at $604,107,000 after purchasing an additional 11,990,405 shares during the last quarter. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Stock Down 0.6%

Shares of CVE stock opened at $30.14 on Friday. Cenovus Energy has a 12 month low of $14.48 and a 12 month high of $32.07. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. The firm has a market cap of $56.07 billion, a PE ratio of 11.59 and a beta of 0.34. The stock has a 50 day moving average of $27.28 and a 200-day moving average of $25.22.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. During the same quarter in the previous year, the firm posted $0.45 earnings per share. Cenovus Energy’s revenue was up 47.9% compared to the same quarter last year. On average, equities analysts predict that Cenovus Energy will post 2.89 EPS for the current year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio is presently 24.62%.

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.