Cenovus Energy Inc (NYSE:CVE) Given Consensus Rating of "Buy" by Brokerages

Key Points

• Cenovus Energy Inc has received a consensus recommendation of "Buy" from eleven brokerages, with two analysts rating it as a strong buy and seven as a buy.
• The company reported a quarterly earnings per share of $0.33, exceeding analysts' expectations of $0.14, despite a 12.6% decline in year-over-year revenue.
• Cenovus Energy has announced a quarterly dividend of $0.20 per share, resulting in an annualized yield of 4.8% for shareholders.

Cenovus Energy Inc (NYSE:CVE - Get Free Report) TSE: CVE has been given an average rating of "Buy" by the eleven ratings firms that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $23.3333.

CVE has been the subject of a number of research analyst reports. Royal Bank Of Canada boosted their target price on Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Jefferies Financial Group reaffirmed a "buy" rating on shares of Cenovus Energy in a research report on Tuesday. UBS Group reaffirmed a "buy" rating on shares of Cenovus Energy in a research report on Monday, August 25th. Veritas lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Finally, National Bankshares raised Cenovus Energy from a "sector perform" rating to an "outperform" rating in a report on Friday, August 22nd.

Cenovus Energy Trading Down 3.2%

CVE stock traded down $0.53 during mid-day trading on Thursday, reaching $15.95. The company's stock had a trading volume of 13,087,844 shares, compared to its average volume of 13,236,959. The company has a market cap of $28.69 billion, a price-to-earnings ratio of 15.79 and a beta of 0.99. The business's 50 day moving average price is $15.04 and its 200 day moving average price is $13.82. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24. Cenovus Energy has a 12 month low of $10.23 and a 12 month high of $18.61.

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

Cenovus Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend is Monday, September 15th. Cenovus Energy's payout ratio is currently 57.43%.

Institutional Trading of Cenovus Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ridgewood Investments LLC bought a new stake in Cenovus Energy during the 2nd quarter worth approximately $27,000. Atlantic Union Bankshares Corp bought a new stake in Cenovus Energy during the second quarter worth $27,000. Allworth Financial LP lifted its holdings in Cenovus Energy by 104.3% during the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company's stock worth $31,000 after acquiring an additional 1,168 shares during the period. Bruce G. Allen Investments LLC bought a new stake in Cenovus Energy during the first quarter worth $38,000. Finally, Cromwell Holdings LLC lifted its holdings in Cenovus Energy by 1,165.1% during the first quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock worth $42,000 after acquiring an additional 2,808 shares during the period. 51.19% of the stock is owned by institutional investors.

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.