Cenovus Energy (NYSE:CVE) PT Raised to C$30.00

Cenovus Energy (NYSE:CVEGet Rating) (TSE:CVE) had its target price hoisted by CIBC from C$28.00 to C$30.00 in a research report sent to investors on Thursday, The Fly reports.

CVE has been the topic of a number of other research reports. National Bank Financial lifted their target price on Cenovus Energy from C$28.00 to C$35.00 in a research report on Thursday. The Goldman Sachs Group reaffirmed a buy rating and set a $19.00 price target on shares of Cenovus Energy in a research report on Thursday, March 31st. Scotiabank increased their price objective on Cenovus Energy from C$19.00 to C$20.00 in a report on Thursday, January 13th. Royal Bank of Canada raised their target price on shares of Cenovus Energy from C$20.00 to C$24.00 in a research report on Friday, January 28th. Finally, Tudor Pickering reiterated a buy rating and issued a C$19.00 price target on shares of Cenovus Energy in a research report on Friday, December 17th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Buy and an average target price of $21.58.

CVE stock opened at $17.47 on Thursday. The stock has a market cap of $34.64 billion, a P/E ratio of 79.41 and a beta of 2.76. The company has a current ratio of 1.64, a quick ratio of 1.10 and a debt-to-equity ratio of 0.54. Cenovus Energy has a twelve month low of $7.16 and a twelve month high of $17.78. The company’s 50 day moving average is $15.97 and its two-hundred day moving average is $13.74.

Cenovus Energy (NYSE:CVEGet Rating) (TSE:CVE) last posted its earnings results on Tuesday, February 8th. The oil and gas company reported $0.43 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.02. Cenovus Energy had a net margin of 1.25% and a return on equity of 8.92%. The firm had revenue of $16.37 billion for the quarter, compared to the consensus estimate of $13.99 billion. During the same period last year, the firm posted ($0.35) EPS. The company’s revenue was up 12.7% on a year-over-year basis. On average, equities research analysts predict that Cenovus Energy will post 2.97 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 31st. Stockholders of record on Tuesday, March 15th were issued a $0.028 dividend. The ex-dividend date was Monday, March 14th. This represents a $0.11 annualized dividend and a dividend yield of 0.64%. Cenovus Energy’s dividend payout ratio is currently 50.00%.

A number of hedge funds have recently made changes to their positions in the stock. FIL Ltd lifted its holdings in Cenovus Energy by 40.1% in the third quarter. FIL Ltd now owns 43,864,177 shares of the oil and gas company’s stock valued at $442,243,000 after acquiring an additional 12,561,304 shares during the period. Soroban Capital Partners LP acquired a new stake in shares of Cenovus Energy in the fourth quarter valued at about $133,533,000. Capital World Investors boosted its holdings in Cenovus Energy by 71.2% during the fourth quarter. Capital World Investors now owns 21,911,708 shares of the oil and gas company’s stock worth $268,667,000 after buying an additional 9,113,090 shares in the last quarter. Boston Partners grew its position in Cenovus Energy by 72.4% during the fourth quarter. Boston Partners now owns 20,566,778 shares of the oil and gas company’s stock worth $285,741,000 after buying an additional 8,634,770 shares during the period. Finally, Contrarius Investment Management Ltd purchased a new position in Cenovus Energy in the third quarter valued at about $61,167,000. 46.85% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Company Profile (Get Rating)

Cenovus Energy, Inc engages in provision of gas and oil. Its activities include development, production, and marketing of crude oil, natural gas liquids (NGLS), and natural gas in Canada. The firm operates through four segments: Oil Sands, Conventional, Refining & Marketing, and Corporate & Eliminations.

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