Shares of Cenovus Energy Inc. (NYSE:CVE – Get Rating) (TSE:CVE) have earned an average rating of “Buy” from the eighteen research firms that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, eleven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $22.27.
Several equities analysts have weighed in on the company. CIBC raised their price target on Cenovus Energy from C$28.00 to C$30.00 in a report on Thursday, April 14th. Royal Bank of Canada raised their price target on Cenovus Energy from C$27.00 to C$28.00 in a report on Thursday. The Goldman Sachs Group restated a “buy” rating and set a $19.00 price target on shares of Cenovus Energy in a report on Thursday, March 31st. Credit Suisse Group raised their price target on Cenovus Energy from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Monday, February 14th. Finally, National Bank Financial raised their price target on Cenovus Energy from C$28.00 to C$35.00 in a report on Thursday, April 14th.
Several hedge funds have recently modified their holdings of the stock. Bornite Capital Management LP lifted its stake in shares of Cenovus Energy by 20.0% during the 1st quarter. Bornite Capital Management LP now owns 3,000,000 shares of the oil and gas company’s stock worth $50,040,000 after acquiring an additional 500,000 shares during the last quarter. TriaGen Wealth Management LLC bought a new stake in shares of Cenovus Energy during the 1st quarter worth approximately $1,560,000. Caldwell Investment Management Ltd. bought a new stake in shares of Cenovus Energy during the 1st quarter worth approximately $10,404,000. Hillsdale Investment Management Inc. lifted its stake in shares of Cenovus Energy by 64.7% during the 1st quarter. Hillsdale Investment Management Inc. now owns 1,713,500 shares of the oil and gas company’s stock worth $28,546,000 after acquiring an additional 672,900 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its stake in shares of Cenovus Energy by 158.6% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 707,507 shares of the oil and gas company’s stock worth $11,801,000 after acquiring an additional 433,937 shares during the last quarter. 48.02% of the stock is owned by hedge funds and other institutional investors.
Cenovus Energy (NYSE:CVE – Get Rating) (TSE:CVE) last released its earnings results on Tuesday, February 8th. The oil and gas company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02. Cenovus Energy had a return on equity of 14.78% and a net margin of 3.56%. The firm had revenue of $16.37 billion during the quarter, compared to analysts’ expectations of $13.99 billion. During the same quarter last year, the business posted ($0.35) earnings per share. The firm’s revenue was up 12.7% on a year-over-year basis. On average, research analysts predict that Cenovus Energy will post 2.62 earnings per share 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 paid a $0.084 dividend. This represents a $0.34 annualized dividend and a dividend yield of 1.82%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.03. The ex-dividend date is Tuesday, June 14th. Cenovus Energy’s dividend payout ratio (DPR) is presently 14.47%.
About Cenovus Energy (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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