Cenovus Energy Inc. (NYSE:CVE – Get Rating) (TSE:CVE) has received an average “Buy” rating from the fourteen research firms that currently cover the company, MarketBeat.com reports. Eight analysts rated the stock with a buy recommendation. The 12-month average price target among brokers who updated their coverage on the stock in the past year is $26.13.
Several equity research analysts have published CVE stock reports. National Bank Financial lowered its price target on Cenovus Energy from CA$41.00 to CA$38.00 in a report released Monday, July 18. Credit Suisse Group reissued an “outperform” rating and set a price target of $37.00 on Cenovus Energy shares in a Thursday, August 11 research report. Finally, Scotiabank raised its price target on Cenovus Energy from C$25.00 to C$34.00 in a Wednesday, June 8 research report.
Cenovus Energy Institutional Negotiation
A number of hedge funds and other institutional investors have recently increased or reduced their stakes in the company. GQG Partners LLC acquired a new stake in Cenovus Energy during Q2 for a value of approximately $609,445,000. Egerton Capital UK LLP purchased a new equity stake in Cenovus Energy during the second quarter valued at approximately $348,567,000. Soroban Capital Partners LP purchased a new stake in shares of Cenovus Energy during the fourth quarter valued at approximately $133,533,000. Capital World Investors increased its position in Cenovus Energy shares by 71.2% during the fourth quarter. Capital World Investors now owns 21,911,708 shares of the oil and gas company valued at $268,667,000 after acquiring 9,113,090 additional shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Cenovus Energy by 68.8% during the first quarter. Wellington Management Group LLP now owns 19,871,360 shares of the oil and gas company valued at $331,500,000 after purchasing an additional 8,098,474 shares during the period. 50.30% of the shares are held by institutional investors.
Cenovus Energy Price Performance
Shares of CVE opened at $15.61 on Thursday. The stock’s fifty-day simple moving average is $18.01 and its 200-day simple moving average is $18.58. The company has a debt ratio of 0.44, a current ratio of 1.73 and a quick ratio of 1.14. The company has a market capitalization of $30.14 billion, a price-earnings ratio of 9.76 and a beta of 2.30. Cenovus Energy has a one-year low of $9.76 and a one-year high of $24.91.
Cenovus Energy Inc (NYSE:CVE – Get Rating) (TSE:CVE) last released its quarterly results on Thursday, July 28. The oil and gas company reported EPS of $0.93 for the quarter, beating analyst consensus estimates of $0.89 by $0.04. Cenovus Energy had a return on equity of 23.47% and a net margin of 6.51%. The company posted revenue of $15.02 billion for the quarter, versus analyst estimates of $13.16 billion. On average, analysts expect Cenovus Energy to post earnings per share of 3.41 for the current fiscal year.
Cenovus Energy cuts its dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29. Shareholders of record on Thursday, September 15 will receive a dividend of $0.0814. This represents a dividend of $0.33 on an annualized basis and a dividend yield of 2.09%. The ex-dividend date is Wednesday, September 14. Cenovus Energy’s dividend payout ratio is 20.00%.
Cenovus Energy Company Profile
(Get a rating)
Cenovus Energy Inc, together with its subsidiaries, develops, produces and markets crude oil, natural gas liquids and natural gas in Canada, the United States and the Asia-Pacific region. The company operates in the oil sands, conventional, offshore, Canadian manufacturing, US manufacturing and retail sectors.
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