Cenovus Energy (NYSE:CVE) Price Target Raised to $29.00

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its price target increased by The Goldman Sachs Group from $22.00 to $29.00 in a research report sent to investors on Thursday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the oil and gas company’s stock.

A number of other equities research analysts also recently weighed in on CVE. Royal Bank Of Canada lifted their price target on Cenovus Energy from $29.00 to $31.00 and gave the company an “outperform” rating in a report on Wednesday, February 18th. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a report on Thursday, November 20th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Cenovus Energy in a research report on Friday, February 20th. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Cenovus Energy in a research note on Tuesday, January 20th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Cenovus Energy in a research report on Tuesday, January 27th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Cenovus Energy currently has an average rating of “Moderate Buy” and an average price target of $29.67.

Cenovus Energy Price Performance

Shares of NYSE:CVE opened at $23.23 on Thursday. The company has a current ratio of 1.57, a quick ratio of 1.04 and a debt-to-equity ratio of 0.35. Cenovus Energy has a 1 year low of $10.23 and a 1 year high of $24.06. The business has a fifty day simple moving average of $20.40 and a 200 day simple moving average of $18.36. The firm has a market cap of $43.67 billion, a price-to-earnings ratio of 15.18 and a beta of 0.43.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.08. Cenovus Energy had a return on equity of 13.25% and a net margin of 7.92%.The firm had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $10.89 billion. During the same quarter last year, the firm earned $0.07 earnings per share. As a group, sell-side analysts predict that Cenovus Energy will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, March 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.4%. Cenovus Energy’s payout ratio is presently 37.25%.

Institutional Investors Weigh In On Cenovus Energy

Hedge funds have recently made changes to their positions in the stock. Ninepoint Partners LP grew its holdings in shares of Cenovus Energy by 490.0% during the 3rd quarter. Ninepoint Partners LP now owns 3,540,000 shares of the oil and gas company’s stock worth $60,145,000 after purchasing an additional 2,940,000 shares in the last quarter. Intact Investment Management Inc. raised its stake in shares of Cenovus Energy by 69.6% in the third quarter. Intact Investment Management Inc. now owns 3,655,878 shares of the oil and gas company’s stock valued at $62,081,000 after purchasing an additional 1,500,590 shares in the last quarter. Boston Partners lifted its position in Cenovus Energy by 2.3% in the second quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company’s stock worth $365,097,000 after purchasing an additional 606,042 shares during the period. Swiss National Bank lifted its position in Cenovus Energy by 6.6% in the second quarter. Swiss National Bank now owns 4,156,435 shares of the oil and gas company’s stock worth $56,341,000 after purchasing an additional 257,600 shares during the period. Finally, Picton Mahoney Asset Management acquired a new stake in Cenovus Energy during the second quarter worth $74,895,000. 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.