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

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) has been assigned a consensus rating of “Buy” from the five ratings firms that are currently covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a buy recommendation. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $26.67.

Several equities analysts have issued reports on the company. Morgan Stanley lifted their price objective on Cenovus Energy from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. StockNews.com upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a report on Thursday, April 11th. Royal Bank of Canada reiterated an “outperform” rating and issued a $28.00 price objective on shares of Cenovus Energy in a report on Friday, January 26th. Finally, UBS Group upgraded Cenovus Energy from a “neutral” rating to a “buy” rating in a report on Friday, February 23rd.

Cenovus Energy Price Performance

Shares of NYSE:CVE opened at $21.46 on Monday. Cenovus Energy has a 1-year low of $14.69 and a 1-year high of $21.90. The firm has a market capitalization of $40.02 billion, a PE ratio of 13.58 and a beta of 2.15. The business’s 50 day moving average is $19.34 and its 200-day moving average is $18.06. The company has a current ratio of 1.56, a quick ratio of 0.91 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, February 15th. The oil and gas company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.25 by $0.04. The business had revenue of $9.65 billion for the quarter, compared to analyst estimates of $9.73 billion. Cenovus Energy had a return on equity of 14.85% and a net margin of 7.88%. During the same quarter in the previous year, the firm earned $0.29 EPS. Sell-side analysts predict that Cenovus Energy will post 1.88 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.1033 per share. This represents a $0.41 annualized dividend and a yield of 1.93%. The ex-dividend date was Thursday, March 14th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.10. Cenovus Energy’s dividend payout ratio is presently 25.95%.

Institutional Trading of Cenovus Energy

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Capital International Investors raised its stake in Cenovus Energy by 1,779.0% in the fourth quarter. Capital International Investors now owns 10,725,418 shares of the oil and gas company’s stock valued at $178,723,000 after buying an additional 10,154,618 shares during the period. TD Asset Management Inc raised its stake in Cenovus Energy by 26.5% in the fourth quarter. TD Asset Management Inc now owns 42,191,779 shares of the oil and gas company’s stock valued at $706,503,000 after buying an additional 8,841,374 shares during the period. Capital World Investors raised its stake in Cenovus Energy by 5.4% in 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 buying an additional 7,750,480 shares during the period. Balyasny Asset Management L.P. raised its stake in Cenovus Energy by 1,224.0% in the fourth quarter. Balyasny Asset Management L.P. now owns 4,097,451 shares of the oil and gas company’s stock valued at $68,231,000 after buying an additional 3,787,979 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in Cenovus Energy by 9,511.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 3,303,904 shares of the oil and gas company’s stock valued at $55,013,000 after buying an additional 3,269,531 shares during the period. Institutional investors own 51.19% of the company’s stock.

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.