Royal Bank of Canada Increases Cenovus Energy (NYSE:CVE) Price Target to C$28.00

Cenovus Energy (NYSE:CVEGet Rating) (TSE:CVE) had its price target raised by Royal Bank of Canada from C$27.00 to C$28.00 in a research note published on Thursday, The Fly reports.

Several other research firms have also issued reports on CVE. Credit Suisse Group lifted their price target on shares of Cenovus Energy from $22.00 to $26.00 and gave the stock an outperform rating in a report on Monday, February 14th. Scotiabank lifted their price target on shares of Cenovus Energy from C$24.00 to C$25.00 in a report on Monday, April 18th. The Goldman Sachs Group reaffirmed a buy rating and issued a $19.00 price target on shares of Cenovus Energy in a report on Thursday, March 31st. National Bank Financial lifted their price target on shares of Cenovus Energy from C$28.00 to C$35.00 in a report on Thursday, April 14th. Finally, CIBC lifted their price target on shares of Cenovus Energy from C$28.00 to C$30.00 in a report on Thursday, April 14th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Buy and an average price target of $22.27.

Shares of CVE stock opened at $19.41 on Thursday. The firm has a market cap of $38.46 billion, a price-to-earnings ratio of 88.23 and a beta of 2.76. The company’s 50 day moving average is $16.43 and its 200 day moving average is $14.24. The company has a quick ratio of 1.10, a current ratio of 1.64 and a debt-to-equity ratio of 0.54. Cenovus Energy has a 52-week low of $7.20 and a 52-week high of $19.58.

Cenovus Energy (NYSE:CVEGet Rating) (TSE:CVE) last issued its quarterly earnings data on Tuesday, February 8th. The oil and gas company reported $0.43 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.02. The company had revenue of $16.37 billion for the quarter, compared to analyst estimates of $13.99 billion. Cenovus Energy had a net margin of 1.25% and a return on equity of 8.92%. Cenovus Energy’s revenue was up 12.7% compared to the same quarter last year. During the same period last year, the company posted ($0.35) earnings per share. Analysts anticipate that Cenovus Energy will post 2.97 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be issued a dividend of $0.084 per share. The ex-dividend date of this dividend is Tuesday, June 14th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.03. This represents a $0.34 dividend on an annualized basis and a dividend yield of 1.73%. Cenovus Energy’s payout ratio is 50.00%.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Achmea Investment Management B.V. acquired a new position in Cenovus Energy during the third quarter valued at $25,000. Marshall Wace LLP acquired a new position in Cenovus Energy during the first quarter valued at $25,000. CWM LLC lifted its position in Cenovus Energy by 239.4% during the first quarter. CWM LLC now owns 1,680 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 1,185 shares during the period. Blume Capital Management Inc. lifted its position in Cenovus Energy by 108.2% during the fourth quarter. Blume Capital Management Inc. now owns 4,810 shares of the oil and gas company’s stock valued at $59,000 after purchasing an additional 2,500 shares during the period. Finally, AlphaCentric Advisors LLC acquired a new position in Cenovus Energy during the fourth quarter valued at $99,000. Institutional investors own 46.85% of the company’s stock.

Cenovus Energy Company Profile (Get Rating)

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada, the United States, and the Asia Pacific region. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, U.S. Manufacturing, and Retail segments.

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