Cenovus Energy (CVE) Coverage Initiated by Analysts at Bank of America

Bank of America began coverage on shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) in a research report report published on Thursday morning, MarketBeat reports. The firm issued a neutral rating and a $9.00 target price on the oil and gas company’s stock.

Several other analysts have also recently weighed in on the company. Tudor Pickering upgraded Cenovus Energy from a hold rating to a buy rating in a report on Wednesday, March 28th. Zacks Investment Research cut Cenovus Energy from a hold rating to a sell rating in a report on Monday, March 12th. UBS began coverage on Cenovus Energy in a report on Wednesday, March 7th. They set a neutral rating on the stock. ValuEngine cut Cenovus Energy from a sell rating to a strong sell rating in a report on Thursday, March 1st. Finally, AltaCorp Capital upgraded Cenovus Energy from a sector perform rating to an outperform rating in a report on Friday, February 16th. Five investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. Cenovus Energy currently has a consensus rating of Hold and a consensus target price of $13.64.

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Cenovus Energy stock opened at $9.36 on Thursday. Cenovus Energy has a 12-month low of $6.76 and a 12-month high of $11.52. The company has a current ratio of 1.13, a quick ratio of 0.82 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $11,501.47, a price-to-earnings ratio of -468.00, a price-to-earnings-growth ratio of 12.85 and a beta of 0.71.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, February 15th. The oil and gas company reported ($0.35) earnings per share (EPS) for the quarter, missing the Zacks’ 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 business had revenue of $4 billion during the quarter, compared to the consensus estimate of $3.95 billion. During the same quarter in the prior year, the firm earned $0.39 EPS. equities analysts anticipate that Cenovus Energy will post 0.15 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 29th. Investors of record on Thursday, March 15th were paid a $0.0398 dividend. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.04. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend was Wednesday, March 14th. Cenovus Energy’s payout ratio is currently -800.00%.

Several institutional investors have recently bought and sold shares of the stock. ConocoPhillips acquired a new position in shares of Cenovus Energy in the fourth quarter worth approximately $1,899,040,000. Letko Brosseau & Associates Inc. lifted its stake in shares of Cenovus Energy by 1.5% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 35,336,991 shares of the oil and gas company’s stock worth $323,771,000 after acquiring an additional 535,652 shares during the period. Burgundy Asset Management Ltd. lifted its stake in shares of Cenovus Energy by 27.6% in the third quarter. Burgundy Asset Management Ltd. now owns 32,270,841 shares of the oil and gas company’s stock worth $323,483,000 after acquiring an additional 6,981,739 shares during the period. Hexavest Inc. lifted its stake in shares of Cenovus Energy by 78.1% in the fourth quarter. Hexavest Inc. now owns 10,052,201 shares of the oil and gas company’s stock worth $92,102,000 after acquiring an additional 4,406,617 shares during the period. Finally, Mackenzie Financial Corp lifted its stake in shares of Cenovus Energy by 73.9% in the fourth quarter. Mackenzie Financial Corp now owns 8,018,311 shares of the oil and gas company’s stock worth $73,207,000 after acquiring an additional 3,406,432 shares during the period. 74.40% of the stock is currently owned by institutional investors.

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Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.

Analyst Recommendations for Cenovus Energy (NYSE:CVE)

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