Cenovus Energy Inc. (NYSE:CVE) Receives Consensus Rating of “Buy” from Brokerages

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) has been given a consensus rating of “Buy” by the five ratings firms that are covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a buy recommendation. The average 1 year price target among analysts that have covered the stock in the last year is $26.67.

A number of research analysts have recently commented on the company. Royal Bank of Canada restated an “outperform” rating and issued a $28.00 target price on shares of Cenovus Energy in a research note on Friday, January 26th. StockNews.com upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Thursday, April 11th. UBS Group upgraded Cenovus Energy from a “neutral” rating to a “buy” rating in a research note on Friday, February 23rd. Finally, Morgan Stanley lifted their price objective on Cenovus Energy from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Capital World Investors raised its stake in shares of Cenovus Energy by 5.4% in the fourth quarter. Capital World Investors now owns 150,534,829 shares of the oil and gas company’s stock worth $2,508,185,000 after purchasing an additional 7,750,480 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Cenovus Energy by 1.4% in the third quarter. Vanguard Group Inc. now owns 49,480,149 shares of the oil and gas company’s stock worth $1,030,177,000 after purchasing an additional 690,057 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Cenovus Energy by 0.8% in the third quarter. Wellington Management Group LLP now owns 47,327,214 shares of the oil and gas company’s stock worth $986,334,000 after purchasing an additional 388,652 shares during the last quarter. TD Asset Management Inc raised its stake in shares of Cenovus Energy by 26.5% in the fourth quarter. TD Asset Management Inc now owns 42,191,779 shares of the oil and gas company’s stock worth $706,503,000 after purchasing an additional 8,841,374 shares during the last quarter. Finally, Boston Partners raised its stake in shares of Cenovus Energy by 8.6% in the third quarter. Boston Partners now owns 29,412,644 shares of the oil and gas company’s stock worth $676,838,000 after purchasing an additional 2,325,082 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Trading Up 0.9 %

CVE opened at $20.85 on Monday. The stock has a market cap of $38.89 billion, a PE ratio of 13.20 and a beta of 2.15. The company has a quick ratio of 0.91, a current ratio of 1.56 and a debt-to-equity ratio of 0.25. The business has a 50 day moving average of $18.97 and a 200-day moving average of $17.99. Cenovus Energy has a 52 week low of $14.69 and a 52 week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, February 15th. The oil and gas company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. The company had revenue of $9.65 billion during the quarter, compared to analysts’ expectations of $9.73 billion. Cenovus Energy had a return on equity of 14.85% and a net margin of 7.88%. During the same quarter last year, the business posted $0.29 EPS. Equities research analysts predict that Cenovus Energy will post 1.88 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.1033 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.41 annualized dividend and a dividend yield of 1.98%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.10. Cenovus Energy’s payout ratio is currently 25.95%.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.