Cenovus Energy (NYSE:CVE) Upgraded at Zacks Research

Zacks Research upgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

Several other brokerages also recently issued reports on CVE. BMO Capital Markets reiterated an “outperform” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Wall Street Zen lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a report on Monday, February 23rd. TD Securities reaffirmed a “buy” rating on shares of Cenovus Energy in a research report on Friday, February 20th. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Cenovus Energy in a research report on Tuesday, January 20th. Finally, The Goldman Sachs Group increased their target price on Cenovus Energy from $22.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, March 12th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $29.67.

Cenovus Energy Price Performance

CVE opened at $25.98 on Tuesday. The firm has a market cap of $48.84 billion, a PE ratio of 16.98 and a beta of 0.43. The stock has a 50-day moving average price of $21.82 and a 200-day moving average price of $18.85. Cenovus Energy has a 1 year low of $10.23 and a 1 year high of $26.37. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04.

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

Cenovus Energy Dividend Announcement

The business also recently declared 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. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, March 13th. Cenovus Energy’s dividend payout ratio (DPR) is presently 38.56%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CVE. Purpose Unlimited Inc. bought a new position in Cenovus Energy during the fourth quarter valued at approximately $8,685,000. Larry Mathis Financial Planning LLC purchased a new stake in Cenovus Energy in the fourth quarter worth approximately $181,000. Corient Private Wealth LLC grew its position in Cenovus Energy by 33.0% in the 4th quarter. Corient Private Wealth LLC now owns 45,142 shares of the oil and gas company’s stock worth $764,000 after purchasing an additional 11,202 shares during the period. Pure Financial Advisors LLC bought a new stake in Cenovus Energy in the 4th quarter worth approximately $184,000. Finally, T. Rowe Price Investment Management Inc. purchased a new stake in Cenovus Energy during the 4th quarter valued at $1,058,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Company Profile

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.