Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) – National Bank Financial lowered their FY2019 earnings estimates for Cenovus Energy in a report issued on Thursday. National Bank Financial analyst T. Wood now forecasts that the oil and gas company will earn $0.25 per share for the year, down from their previous estimate of $0.26.
A number of other research firms also recently commented on CVE. UBS started coverage on shares of Cenovus Energy in a research note on Wednesday, March 7th. They set a “neutral” rating for the company. ValuEngine downgraded shares of Cenovus Energy from a “hold” rating to a “sell” rating in a research note on Saturday, February 17th. AltaCorp Capital raised shares of Cenovus Energy from a “sector perform” rating to an “outperform” rating in a research note on Friday, February 16th. Desjardins reaffirmed a “hold” rating on shares of Cenovus Energy in a research note on Friday, January 12th. Finally, Zacks Investment Research downgraded shares of Cenovus Energy from a “hold” rating to a “sell” rating in a research note on Thursday, February 8th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $14.42.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, February 15th. The oil and gas company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.45). Cenovus Energy had a net margin of 18.92% and a return on equity of 0.53%. The firm had revenue of $4 billion during the quarter, compared to analyst estimates of $3.95 billion. During the same period in the previous year, the firm posted $0.39 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be paid a dividend of $0.0398 per share. The ex-dividend date is Wednesday, March 14th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.95%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s dividend payout ratio is currently 6.99%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. ConocoPhillips acquired a new position in shares of Cenovus Energy during the 4th quarter valued at about $1,899,040,000. Nexus Investment Management Inc. grew its holdings in shares of Cenovus Energy by 131.7% during the 4th quarter. Nexus Investment Management Inc. now owns 1,210,050 shares of the oil and gas company’s stock worth $11,098,000 after purchasing an additional 687,840 shares during the period. Legal & General Group Plc grew its holdings in shares of Cenovus Energy by 7.4% during the 3rd quarter. Legal & General Group Plc now owns 4,990,018 shares of the oil and gas company’s stock worth $49,921,000 after purchasing an additional 343,344 shares during the period. Cerebellum GP LLC purchased a new stake in shares of Cenovus Energy during the 4th quarter worth about $1,627,000. Finally, Timber Hill LLC grew its holdings in shares of Cenovus Energy by 169.2% during the 4th quarter. Timber Hill LLC now owns 30,616 shares of the oil and gas company’s stock worth $280,000 after purchasing an additional 19,242 shares during the period. 74.40% of the stock is owned by institutional investors.
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Cenovus Energy Company Profile
Cenovus Energy Inc is a Canada-based integrated oil company. It operates in the business of developing, producing and marketing crude oil, Natural Gas Liquids (NGLs) and natural gas in Canada. The Company also conducts marketing activities and owns refining interests in the United States (U.S.). Its segments include: Oil Sands, which includes the development and production of bitumen and natural gas in northeast Alberta; Conventional, which includes the development and production of conventional crude oil, NGLs and natural gas in Alberta and Saskatchewan, including the heavy oil assets at Pelican Lake, the carbon dioxide (CO2) enhanced oil recovery (EOR) project at Weyburn and emerging tight oil opportunities; Refining and Marketing, which includes transporting and selling crude oil and natural gas and joint ownership of refineries in the U.S., as well as Corporate and Eliminations.
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