Cenovus Energy (NYSE:CVE) Price Target Raised to $32.00 at Royal Bank Of Canada

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its price target increased by Royal Bank Of Canada from $30.00 to $32.00 in a report published on Monday, MarketBeat Ratings reports. The firm currently has an outperform rating on the oil and gas company’s stock.

Several other brokerages have also issued reports on CVE. National Bank Financial raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, August 22nd. Zacks Research raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. UBS Group restated a “buy” rating on shares of Cenovus Energy in a research note on Monday, August 25th. Jefferies Financial Group reiterated a “buy” rating on shares of Cenovus Energy in a research note on Tuesday, September 2nd. Finally, Wall Street Zen upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Four equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $25.67.

Cenovus Energy Stock Down 0.8%

Shares of NYSE:CVE opened at $17.99 on Monday. The company has a market capitalization of $31.77 billion, a PE ratio of 17.81 and a beta of 0.86. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24. Cenovus Energy has a twelve month low of $10.23 and a twelve month high of $18.60. The firm has a 50 day simple moving average of $17.24 and a 200-day simple moving average of $15.40.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Friday, October 31st. The oil and gas company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The firm had revenue of $10.87 billion for the quarter, compared to the consensus estimate of $12.51 billion. During the same period last year, the firm posted $0.42 EPS. The company’s revenue was down 7.0% on a year-over-year basis. On average, equities analysts predict that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Monday, December 15th. Cenovus Energy’s dividend payout ratio (DPR) is presently 45.90%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CVE. Principal Financial Group Inc. raised its stake in shares of Cenovus Energy by 32.7% during the first quarter. Principal Financial Group Inc. now owns 40,386 shares of the oil and gas company’s stock worth $561,000 after purchasing an additional 9,958 shares during the last quarter. Cerity Partners LLC increased its stake in Cenovus Energy by 377.7% in the 1st quarter. Cerity Partners LLC now owns 61,388 shares of the oil and gas company’s stock valued at $854,000 after buying an additional 48,537 shares during the period. Cetera Investment Advisers increased its stake in Cenovus Energy by 10.9% in the 1st quarter. Cetera Investment Advisers now owns 51,101 shares of the oil and gas company’s stock valued at $711,000 after buying an additional 5,005 shares during the period. Assetmark Inc. raised its position in Cenovus Energy by 8.1% during the 1st quarter. Assetmark Inc. now owns 153,408 shares of the oil and gas company’s stock worth $2,134,000 after buying an additional 11,484 shares during the last quarter. Finally, Panview Capital Ltd lifted its stake in shares of Cenovus Energy by 5.4% in the 1st quarter. Panview Capital Ltd now owns 1,165,000 shares of the oil and gas company’s stock worth $16,205,000 after acquiring an additional 60,000 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

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.