Cenovus Energy Inc (NYSE:CVE) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) has been assigned a consensus rating of “Moderate Buy” from the fourteen ratings firms that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $27.3333.

A number of research analysts have commented on the company. Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research report on Thursday, November 20th. Royal Bank Of Canada lifted their price objective on Cenovus Energy from $29.00 to $31.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 18th. The Goldman Sachs Group restated a “buy” rating and set a $22.00 target price on shares of Cenovus Energy in a research report on Monday, February 2nd. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Cenovus Energy in a research note on Tuesday, January 20th. Finally, Scotiabank upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, February 20th.

Cenovus Energy Price Performance

NYSE:CVE opened at $21.88 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04. The company has a fifty day moving average price of $18.96 and a 200 day moving average price of $17.73. Cenovus Energy has a one year low of $10.23 and a one year high of $23.39. The stock has a market cap of $41.13 billion, a P/E ratio of 14.30 and a beta of 0.48.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.08. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. The business had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $10.89 billion. During the same quarter in the previous year, the firm posted $0.07 earnings per share. Analysts anticipate that Cenovus Energy will post 1.49 earnings per share for the current year.

Cenovus Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.7%. Cenovus Energy’s dividend payout ratio (DPR) is currently 37.25%.

Hedge Funds Weigh In On Cenovus Energy

Large investors have recently added to or reduced their stakes in the company. Capital Research Global Investors lifted its position in Cenovus Energy by 16.6% during the fourth quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock worth $2,103,090,000 after acquiring an additional 17,730,542 shares during the last quarter. Vanguard Group Inc. increased its position in Cenovus Energy by 12.8% during the 4th quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock worth $1,074,660,000 after purchasing an additional 7,197,843 shares in the last quarter. Capital International Investors boosted its stake in shares of Cenovus Energy by 3.9% during the fourth quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock valued at $862,505,000 after purchasing an additional 1,903,432 shares in the last quarter. FIL Ltd grew its stake in shares of Cenovus Energy by 40.0% in the fourth quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company’s stock worth $651,880,000 after purchasing an additional 11,019,212 shares during the last quarter. Finally, Mackenzie Financial Corp increased its stake in shares of Cenovus Energy by 46.7% in the third quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock valued at $520,196,000 after buying an additional 9,753,134 shares during the period. Institutional investors own 51.19% of the company’s stock.

About Cenovus Energy

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.