Cenovus Energy Inc (NYSE:CVE) Stock Has Consensus Price Target of $39.00 According to Brokerages

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) has been assigned an average rating of “Buy” from the fifteen research firms that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $39.00.

A number of research firms recently issued reports on CVE. Weiss Ratings raised Cenovus Energy from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating in a research note on Tuesday, September 8th. Wall Street Zen raised Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Sunday, October 11th. Royal Bank Of Canada increased their price objective on Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Thursday, July 30th. Finally, Gerdes Energy Research raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Wednesday, September 2nd.

Institutional Investors Weigh In On Cenovus Energy

A number of large investors have recently bought and sold shares of the business. Orion Capital Management LLC acquired a new stake in shares of Cenovus Energy in the second quarter worth about $25,000. Versant Capital Management Inc boosted its stake in shares of Cenovus Energy by 990.9% during the 3rd quarter. Versant Capital Management Inc now owns 1,080 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 981 shares in the last quarter. Gables Capital Management Inc. acquired a new position in shares of Cenovus Energy during the 2nd quarter valued at about $35,000. GK Wealth Management LLC acquired a new position in shares of Cenovus Energy during the 3rd quarter valued at about $59,000. Finally, Allworth Financial LP bought a new position in shares of Cenovus Energy in the 2nd quarter valued at approximately $68,000. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Trading Down 1.9%

Shares of NYSE:CVE opened at $31.98 on Friday. The firm has a fifty day moving average of $31.86 and a two-hundred day moving average of $29.05. The firm has a market capitalization of $58.27 billion, a P/E ratio of 12.30 and a beta of 0.46. Cenovus Energy has a 12-month low of $15.63 and a 12-month high of $34.16. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting the consensus estimate of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business had revenue of $14.59 billion for the quarter, compared to analysts’ expectations of $11.87 billion. During the same period in the previous year, the company posted $0.45 EPS. Cenovus Energy’s revenue was up 47.9% on a year-over-year basis. On average, equities analysts expect that Cenovus Energy will post 4.12 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th were paid a C$0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, September 15th. Cenovus Energy’s payout ratio is presently 24.62%.

Cenovus Energy Company Profile

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids, with a significant focus on oil sands operations in Alberta. Its upstream activities include oil sands mining and in situ production, conventional oil and gas production, and the upgrading of heavy crude into synthetic crude oil.

Cenovus also operates in the downstream energy sector through crude oil refining, petroleum upgrading, marketing and distribution.