Cenovus Energy (NYSE:CVE) Upgraded at Desjardins

Desjardins upgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) to a moderate buy rating in a research report sent to investors on Thursday,Zacks.com reports.

A number of other research firms have also recently commented on CVE. Royal Bank Of Canada lifted their target price on shares of Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 19th. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, June 26th. Zacks Research cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Finally, Raymond James Financial downgraded shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $35.25.

Cenovus Energy Trading Up 2.7%

Cenovus Energy stock opened at $27.97 on Thursday. The stock has a 50-day moving average of $27.56 and a two-hundred day moving average of $24.35. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. Cenovus Energy has a one year low of $13.98 and a one year high of $32.07. The stock has a market cap of $52.03 billion, a PE ratio of 15.37 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The business had revenue of $10.79 billion during the quarter, compared to the consensus estimate of $9.47 billion. During the same quarter last year, the company earned $0.47 earnings per share. The company’s quarterly revenue was up 1.0% on a year-over-year basis. On average, research analysts anticipate that Cenovus Energy will post 3.02 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.1%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 15th. Cenovus Energy’s dividend payout ratio is presently 34.62%.

Institutional Investors Weigh In On Cenovus Energy

Large investors have recently bought and sold shares of the company. Financial Management Professionals Inc. purchased a new position in Cenovus Energy during the 4th quarter worth approximately $25,000. Transamerica Financial Advisors LLC lifted its stake 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 valued at $26,000 after acquiring an additional 1,433 shares during the period. NBC Securities Inc. boosted its holdings 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 valued at $28,000 after acquiring an additional 1,500 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Cenovus Energy in the 4th quarter valued at $38,000. Finally, Geneos Wealth Management Inc. increased its stake in shares of Cenovus Energy by 74.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after acquiring an additional 1,384 shares during the period. Hedge funds and other institutional investors own 51.19% of the company’s stock.

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.