Cenovus Energy Inc (NYSE:CVE) Given Average Recommendation of "Buy" by Analysts

Key Points

• Cenovus Energy has an average analyst recommendation of "Buy" from 15 research firms, with most analysts rating it a buy or strong buy and a consensus 12-month price target of $35.25.
• The company recently beat quarterly earnings expectations, reporting EPS of $0.61 versus the $0.56 consensus and revenue of $10.79 billion versus forecasts of $9.47 billion.
• Cenovus also raised its quarterly dividend to $0.22 per share, or $0.88 annualized, for a 3.0% yield; institutional investors own about 51.19% of the stock.

Shares of Cenovus Energy Inc (NYSE:CVE - Get Free Report) TSE: CVE have received an average recommendation of "Buy" from the fifteen research firms that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $35.25.

Several equities research analysts have recently issued reports on CVE shares. Scotiabank upgraded shares of Cenovus Energy to a "strong-buy" rating in a research report on Friday, June 26th. Wall Street Zen lowered Cenovus Energy from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Zacks Research cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 16th. The Goldman Sachs Group restated a "buy" rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Weiss Ratings raised Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, July 7th.

Cenovus Energy Stock Performance

NYSE:CVE opened at $29.26 on Friday. The stock has a 50-day moving average price of $27.46 and a 200 day moving average price of $24.77. The stock has a market capitalization of $54.45 billion, a P/E ratio of 16.08 and a beta of 0.34. Cenovus Energy has a 12-month low of $14.31 and a 12-month high of $32.07. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The company had revenue of $10.79 billion for the quarter, compared to analysts' expectations of $9.47 billion. During the same period in the previous year, the firm earned $0.47 EPS. The firm's revenue was up 1.0% compared to the same quarter last year. Equities research analysts forecast that Cenovus Energy will post 3.02 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.0%. This is a boost from Cenovus Energy's previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 15th. Cenovus Energy's payout ratio is 35.16%.

Institutional Investors Weigh In On Cenovus Energy

A number of hedge funds have recently bought and sold shares of the business. Jones Financial Companies Lllp grew its stake in shares of Cenovus Energy by 574.8% in the 1st quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company's stock worth $301,000 after buying an additional 18,405 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Cenovus Energy by 6.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company's stock worth $10,397,000 after acquiring an additional 44,125 shares in the last quarter. Prudential Financial Inc. bought a new stake in Cenovus Energy during the second quarter worth approximately $525,000. EverSource Wealth Advisors LLC increased its stake in Cenovus Energy by 57.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company's stock worth $67,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in Cenovus Energy during the second quarter valued at approximately $495,000. Hedge funds and other institutional investors own 51.19% of the company's stock.

Cenovus Energy Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.