Cenovus Energy (NYSE:CVE) Shares Gap Up – Should You Buy?

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $25.82, but opened at $27.00. Cenovus Energy shares last traded at $26.6220, with a volume of 1,792,391 shares changing hands.

Analyst Ratings Changes

Several research firms recently commented on CVE. Veritas upgraded shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, March 10th. Wall Street Zen cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Monday, February 23rd. Royal Bank Of Canada raised their price target on shares of Cenovus Energy from $29.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday, February 18th. TD Securities reiterated a “buy” rating on shares of Cenovus Energy in a report on Friday, February 20th. Finally, Scotiabank raised shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $29.67.

Cenovus Energy Stock Down 0.2%

The stock has a 50-day moving average price of $22.80 and a 200-day moving average price of $19.26. 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 market capitalization of $49.78 billion, a P/E ratio of 17.32 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results 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 business had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $10.89 billion. Cenovus Energy had a return on equity of 13.25% and a net margin of 7.92%.During the same period in the prior year, the business posted $0.07 earnings per share. On average, research analysts predict that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, March 13th. Cenovus Energy’s dividend payout ratio is currently 38.56%.

Institutional Investors Weigh In On Cenovus Energy

Large investors have recently modified their holdings of the company. Financial Management Professionals Inc. acquired a new position in Cenovus Energy in the fourth quarter valued at $25,000. Transamerica Financial Advisors LLC grew its holdings in Cenovus Energy by 1,302.7% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 1,433 shares during the period. NBC Securities Inc. raised its position in shares of Cenovus Energy by 961.5% in the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after acquiring an additional 1,500 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of Cenovus Energy in the 4th quarter worth about $38,000. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares during the period. 51.19% of the stock is currently owned by institutional investors and hedge funds.

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.