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

Shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) have been assigned an average rating of “Moderate Buy” from the eight ratings firms that are currently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $25.75.

Several research firms have issued reports on CVE. National Bank Financial cut Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 21st. National Bankshares reissued a “sector perform” rating on shares of Cenovus Energy in a report on Friday, April 25th. The Goldman Sachs Group lowered their price target on shares of Cenovus Energy from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $25.00 price target on shares of Cenovus Energy in a research report on Friday, April 11th.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC increased its position in Cenovus Energy by 104.9% during the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock worth $25,000 after buying an additional 851 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in shares of Cenovus Energy during the first quarter valued at $38,000. Cromwell Holdings LLC increased its position in Cenovus Energy by 1,165.1% during the 1st quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company’s stock worth $42,000 after purchasing an additional 2,808 shares in the last quarter. Sierra Ocean LLC acquired a new position in Cenovus Energy in the 4th quarter valued at about $67,000. Finally, Blue Trust Inc. lifted its holdings in Cenovus Energy by 54.7% in the 4th quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock valued at $72,000 after purchasing an additional 1,677 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Price Performance

Cenovus Energy stock opened at $11.99 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The business has a 50 day simple moving average of $12.71 and a 200-day simple moving average of $14.52. Cenovus Energy has a 12 month low of $10.23 and a 12 month high of $21.08. The stock has a market capitalization of $21.85 billion, a PE ratio of 9.91 and a beta of 1.46.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, February 20th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $11.08 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. Equities analysts predict that Cenovus Energy will post 1.49 earnings per share for the current year.

Cenovus Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a $0.1269 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.51 annualized dividend and a dividend yield of 4.23%. Cenovus Energy’s dividend payout ratio is presently 40.50%.

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.