Cenovus Energy Inc (NYSE:CVE) Receives $35.25 Consensus Price Target from Analysts

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have been assigned a consensus recommendation of “Buy” from the fourteen analysts that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $35.25.

Several brokerages have recently weighed in on CVE. Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. The Goldman Sachs Group reissued a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Veritas raised shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, March 10th. Zacks Research raised shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 22nd. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Cenovus Energy in a research report on Friday, February 20th.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Militia Capital Management LLC acquired a new position in Cenovus Energy in the first quarter valued at about $1,740,000. Parallel Advisors LLC lifted its position in Cenovus Energy by 19.8% in the first quarter. Parallel Advisors LLC now owns 20,376 shares of the oil and gas company’s stock valued at $541,000 after buying an additional 3,370 shares during the last quarter. Bank of America Corp DE lifted its position in Cenovus Energy by 111.2% in the first quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock valued at $604,107,000 after buying an additional 11,990,405 shares during the last quarter. Guardian Partners Inc. lifted its position in Cenovus Energy by 9.5% in the first quarter. Guardian Partners Inc. now owns 142,162 shares of the oil and gas company’s stock valued at $3,760,000 after buying an additional 12,358 shares during the last quarter. Finally, Amundi lifted its position in Cenovus Energy by 1.4% in the first quarter. Amundi now owns 5,366,196 shares of the oil and gas company’s stock valued at $142,365,000 after buying an additional 71,891 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Trading Down 0.9%

Shares of CVE stock opened at $28.24 on Friday. The company’s 50-day moving average price is $28.07 and its 200-day moving average price is $22.89. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The stock has a market cap of $52.79 billion, a price-to-earnings ratio of 15.51 and a beta of 0.34. Cenovus Energy has a twelve month low of $13.47 and a twelve month high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.05. The firm had revenue of $10.79 billion for the quarter, compared to analysts’ expectations of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The company’s revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.47 EPS. As a group, equities analysts predict that Cenovus Energy will post 3.15 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 15th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 3.1%. Cenovus Energy’s dividend payout ratio is currently 32.42%.

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.