Cenovus Energy Inc (CVE) – What Are Investment Firms Thinking About This Stock?

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have been given an average recommendation of “Buy” by the sixteen research firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $39.00.

CVE has been the subject of a number of analyst reports. Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a research note on Monday, October 19th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, August 27th. UBS Group downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Wednesday, September 2nd. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday, August 19th.

Hedge Funds Weigh In On Cenovus Energy

Large investors have recently made changes to their positions in the stock. Orion Capital Management LLC acquired a new stake in shares of Cenovus Energy in the second quarter valued at about $25,000. Versant Capital Management Inc grew its position in Cenovus Energy by 990.9% during the third quarter. Versant Capital Management Inc now owns 1,080 shares of the oil and gas company’s stock worth $34,000 after buying an additional 981 shares during the period. Gables Capital Management Inc. acquired a new position in Cenovus Energy during the second quarter worth about $35,000. GK Wealth Management LLC purchased a new position in Cenovus Energy in the third quarter valued at about $59,000. Finally, SBI Securities Co. Ltd. increased its holdings in Cenovus Energy by 149.8% in the third quarter. SBI Securities Co. Ltd. now owns 2,336 shares of the oil and gas company’s stock valued at $73,000 after buying an additional 1,401 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Down 0.6%

Shares of Cenovus Energy stock opened at $27.45 on Tuesday. Cenovus Energy has a one year low of $15.63 and a one year high of $34.16. The company has a market cap of $49.62 billion, a P/E ratio of 8.10 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.04 and a current ratio of 1.64. The firm has a fifty day moving average of $31.93 and a two-hundred day moving average of $27.66.

Cenovus Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be given a dividend of C$0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Tuesday, December 15th. Cenovus Energy’s payout ratio is presently 18.88%.

About Cenovus Energy

Cenovus Energy is an integrated energy company headquartered in Calgary, Alberta. Its activities include producing oil and natural gas, processing oil sands, refining crude oil and marketing energy products.

The company’s upstream operations include oil sands and conventional assets in Western Canada, as well as offshore production. Its downstream business operates refineries in Canada and the United States, helping connect its production with markets for refined products.

Cenovus was created in 2009 when Encana separated its integrated oil business.