Analysts Set Cenovus Energy Inc (NYSE:CVE) PT at $23.33

Key Points

• Cenovus Energy Inc has received a consensus rating of "Moderate Buy" from analysts, with four hold ratings, four buy ratings, and one strong buy rating.
• The company's stock price target averages $23.33, with recent analyst evaluations influencing price targets ranging from $16.00 to $26.00.
• Cenovus Energy recently increased its dividend to $0.20, representing a yield of 425.0%, up from a previous dividend of $0.11.

Cenovus Energy Inc (NYSE:CVE - Get Free Report) TSE: CVE has been assigned an average recommendation of "Moderate Buy" from the nine ratings firms that are presently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $23.3333.

Several equities research analysts recently commented on CVE shares. Royal Bank Of Canada boosted their price objective on shares of Cenovus Energy from $25.00 to $26.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. National Bankshares reissued a "sector perform" rating on shares of Cenovus Energy in a research note on Friday, April 25th. The Goldman Sachs Group cut their target price on shares of Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Wall Street Zen raised shares of Cenovus Energy from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Finally, Veritas downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 14th.

Cenovus Energy Price Performance

Shares of NYSE CVE traded down $0.13 during trading on Friday, hitting $14.93. 4,245,977 shares of the company were exchanged, compared to its average volume of 11,955,740. The company has a market cap of $26.95 billion, a price-to-earnings ratio of 14.78 and a beta of 0.97. Cenovus Energy has a 1 year low of $10.23 and a 1 year high of $20.03. The firm's fifty day moving average price is $14.38 and its 200 day moving average price is $13.70. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings data on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.14 by $0.19. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The business had revenue of $10.66 billion for the quarter, compared to analyst estimates of $10.64 billion. During the same period in the previous year, the firm earned $0.62 EPS. The business's revenue for the quarter was down 12.6% compared to the same quarter last year. On average, sell-side analysts expect that Cenovus Energy will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced a dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, June 13th. This is an increase from Cenovus Energy's previous dividend of $0.11. This represents a dividend yield of 425.0%. Cenovus Energy's dividend payout ratio is presently 57.43%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new position in shares of Cenovus Energy during the second quarter worth $27,000. Ridgewood Investments LLC purchased a new position in shares of Cenovus Energy during the 2nd quarter valued at approximately $27,000. Allworth Financial LP boosted its stake in shares of Cenovus Energy by 104.3% during the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company's stock valued at $31,000 after buying an additional 1,168 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new position in shares of Cenovus Energy during the 1st quarter valued at approximately $38,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Cenovus Energy during the 1st quarter valued at approximately $42,000. 51.19% of the stock is owned by institutional investors and hedge funds.

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.