Cenovus Energy Inc. (NYSE:CVE) Receives Consensus Rating of “Buy” from Analysts

Shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) have been assigned a consensus recommendation of “Buy” from the five ratings firms that are covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a buy recommendation. The average 1-year price objective among analysts that have covered the stock in the last year is $26.67.

Several research firms have issued reports on CVE. Morgan Stanley lifted their price target on shares of Cenovus Energy from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday. UBS Group raised Cenovus Energy from a “neutral” rating to a “buy” rating in a research note on Friday, February 23rd. Royal Bank of Canada reissued an “outperform” rating and issued a $28.00 price target on shares of Cenovus Energy in a research report on Friday, January 26th. Finally, StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Thursday, November 30th.

Institutional Trading of Cenovus Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Capital World Investors grew its holdings in Cenovus Energy by 5.4% during the fourth quarter. Capital World Investors now owns 150,534,829 shares of the oil and gas company’s stock valued at $2,508,185,000 after purchasing an additional 7,750,480 shares during the last quarter. Vanguard Group Inc. grew its stake in Cenovus Energy by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 49,480,149 shares of the oil and gas company’s stock valued at $1,030,177,000 after buying an additional 690,057 shares during the last quarter. Wellington Management Group LLP raised its holdings in Cenovus Energy by 0.8% in the 3rd quarter. Wellington Management Group LLP now owns 47,327,214 shares of the oil and gas company’s stock worth $986,334,000 after acquiring an additional 388,652 shares during the period. TD Asset Management Inc lifted its position in Cenovus Energy by 26.5% during the 4th quarter. TD Asset Management Inc now owns 42,191,779 shares of the oil and gas company’s stock worth $706,503,000 after acquiring an additional 8,841,374 shares during the last quarter. Finally, Boston Partners boosted its holdings in Cenovus Energy by 8.6% during the third quarter. Boston Partners now owns 29,412,644 shares of the oil and gas company’s stock valued at $676,838,000 after acquiring an additional 2,325,082 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Stock Up 0.8 %

CVE stock traded up $0.15 during trading on Thursday, reaching $19.99. The stock had a trading volume of 5,257,429 shares, compared to its average volume of 11,796,163. Cenovus Energy has a 1-year low of $14.69 and a 1-year high of $21.37. The company has a current ratio of 1.56, a quick ratio of 0.91 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $37.31 billion, a P/E ratio of 12.65 and a beta of 2.13. The firm has a fifty day moving average price of $17.25 and a 200 day moving average price of $17.95.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. The company had revenue of $9.65 billion for the quarter, compared to analysts’ expectations of $9.73 billion. Cenovus Energy had a return on equity of 14.85% and a net margin of 7.88%. During the same period last year, the business posted $0.29 earnings per share. On average, equities analysts anticipate that Cenovus Energy will post 1.73 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Friday, March 15th will be paid a $0.1033 dividend. This represents a $0.41 annualized dividend and a dividend yield of 2.07%. The ex-dividend date is Thursday, March 14th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.10. Cenovus Energy’s payout ratio is presently 25.95%.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.