Cenovus Energy Inc (NYSE:CVE) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have received an average recommendation of “Moderate Buy” from the nine brokerages that are covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $25.75.

CVE has been the topic of a number of research reports. National Bankshares reiterated a “sector perform” rating on shares of Cenovus Energy in a research report on Friday, April 25th. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Veritas downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 14th. The Goldman Sachs Group decreased their price target on shares of Cenovus Energy from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $25.00 price target on shares of Cenovus Energy in a research note on Friday, April 11th.

Institutional Investors Weigh In On Cenovus Energy

Several hedge funds and other institutional investors have recently made changes to their positions in CVE. Farther Finance Advisors LLC increased its holdings in Cenovus Energy by 104.9% during the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 851 shares in the last quarter. Bruce G. Allen Investments LLC bought a new stake in Cenovus Energy during the first quarter worth $38,000. Cromwell Holdings LLC grew its holdings in Cenovus Energy by 1,165.1% during the first quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company’s stock worth $42,000 after buying an additional 2,808 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Cenovus Energy during the first quarter worth $42,000. Finally, Blue Trust Inc. grew its holdings in Cenovus Energy by 54.7% during the fourth quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock worth $72,000 after buying an additional 1,677 shares in the last quarter. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Stock Performance

CVE stock opened at $13.64 on Friday. The stock has a 50-day moving average price of $13.23 and a 200-day moving average price of $13.83. Cenovus Energy has a 1-year low of $10.23 and a 1-year high of $20.76. The company has a current ratio of 1.46, a quick ratio of 0.84 and a debt-to-equity ratio of 0.25. The firm has a market cap of $24.68 billion, a PE ratio of 12.75 and a beta of 0.94.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. The business had revenue of $11.15 billion during the quarter, compared to the consensus estimate of $12.39 billion. Cenovus Energy had a return on equity of 9.56% and a net margin of 5.22%. During the same period in the previous year, the company posted $0.62 earnings per share. As a group, equities research analysts expect that Cenovus Energy will post 1.49 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently declared a dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a dividend of $0.20 per share. This represents a yield of 4.25%. The ex-dividend date of this dividend is Friday, June 13th. This is a positive change from Cenovus Energy’s previous dividend of $0.11. Cenovus Energy’s payout ratio is 54.21%.

Cenovus Energy Company Profile

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.