Cenovus Energy Inc. (NYSE:CVE) receives consensus PT of $30.67 from the brokerage

Shares of Cenovus Energy Inc. (NYSE:CVE – Get Free Report ) (TSE:CVE) has earned an average recommendation of “Buy” from the four research firms that are currently covering the stock, Marketbeat reports. Four research analysts have rated the stock with a buy rating. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $30.67.

CVE has been the subject of several analyst reports. Raymond James upgraded Cenovus Energy to a “moderate-buy” rating in a research report on Tuesday, May 28th. Scotiabank cut their price target on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Finally, StockNews.com downgraded shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a report on Friday, July 26th.

Read our latest analysis on CVE

Cenovus Energy stock fell 0.6%

CVE opened at $17.11 on Thursday. The company has a 50-day moving average of $18.53 and a 200-day moving average of $19.43. The company has a current ratio of 1.66, a quick ratio of 1.00, and a debt-to-equity ratio of 0.25. Cenovus Energy has a 12-month low of $14.69 and a 12-month high of $21.90. The company has a market cap of $31.81 billion, a PE ratio of 9.51 and a beta of 2.05.

Cenovus Energy (NYSE:CVE – Get Your Free Report ) (TSE:CVE) last posted its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). The company had revenue of $10.88 billion during the quarter, compared to the consensus estimate of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. On average, sell-side analysts expect that Cenovus Energy will post 1.85 EPS for the current year.

Cenovus cuts energy dividends

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a $0.132 dividend. This represents an annualized dividend of $0.53 and a dividend yield of 3.09%. The ex-dividend date of this dividend is Friday, September 13. Cenovus Energy’s dividend payout ratio (DPR) is 29.44%.

Hedge funds influence Cenovus Energy

A number of institutional investors have recently made changes to their positions in CVE. Healthcare of Ontario Pension Plan Trust Fund raised its position in Cenovus Energy by 4,319.1% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,218,376 shares of the oil and gas company’s stock worth $43,609,000 after acquiring an additional 2,168,176 shares during the last quarter. Truist Financial Corp boosted its stake in Cenovus Energy by 5.4% in the second quarter. Truist Financial Corp now owns 82,313 shares of the oil and gas company’s stock worth $1,618,000 after acquiring an additional 4,208 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Cenovus Energy by 8.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after buying an additional 643 shares during the last quarter. Creative Planning grew its position in shares of Cenovus Energy by 8.1% during the 2nd quarter. Creative Planning now owns 292,758 shares of the oil and gas company’s stock valued at $5,756,000 after buying an additional 21,991 shares in the the last quarter. Finally, SkyView Investment Advisors LLC raised its position in shares of Cenovus Energy by 13.2% during the 2nd quarter. SkyView Investment Advisors LLC now owns 41,510 shares of the oil and gas company’s stock, valued at $816,000, after which bought an additional 4,830 shares in the last quarter. Institutional investors own 51.19% of the company’s shares.

Cenovus Energy Company Profile

(Get a free report

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 US Refining segments.

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