Cenovus Energy Inc (NYSE:CVE) Receives Average Recommendation of "Buy" from Brokerages

Key Points

• Analysts have assigned Cenovus Energy a consensus recommendation of Buy from 14 firms (3 hold, 8 buy, 3 strong buy) with an average 12‑month price target of $29.67.
• Cenovus beat on quarterly EPS at $0.36 versus $0.28 expected but missed revenue at $9.44 billion versus $10.89 billion expected; analysts forecast about 1.49 EPS for the current year.
• The stock opened at $25.91 (1‑year range $11.60–$27.65), has a market cap of roughly $48.7B with a P/E of 16.93, and pays a quarterly dividend of $0.20 (annualized yield ~3.1%, payout ratio ~38.6%).

Shares of Cenovus Energy Inc (NYSE:CVE - Get Free Report) TSE: CVE have been assigned a consensus recommendation of "Buy" from the fourteen ratings firms that are presently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $29.6667.

CVE has been the topic of several analyst reports. BMO Capital Markets reaffirmed an "outperform" rating on shares of Cenovus Energy in a research report on Friday, February 20th. TD Securities reaffirmed a "buy" rating on shares of Cenovus Energy in a research note on Friday, February 20th. Weiss Ratings reiterated a "hold (c)" rating on shares of Cenovus Energy in a research report on Tuesday, January 27th. Zacks Research raised Cenovus Energy from a "strong sell" rating to a "hold" rating in a research note on Tuesday, March 24th. Finally, Veritas raised Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a report on Tuesday, March 10th.

Institutional Trading of Cenovus Energy

Institutional investors have recently made changes to their positions in the stock. Financial Management Professionals Inc. bought a new stake in Cenovus Energy during the fourth quarter worth approximately $25,000. Transamerica Financial Advisors LLC increased its position in shares of Cenovus Energy by 1,302.7% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company's stock valued at $26,000 after purchasing an additional 1,433 shares during the period. NBC Securities Inc. increased its position in shares of Cenovus Energy by 961.5% during the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company's stock valued at $28,000 after purchasing an additional 1,500 shares during the period. Kestra Advisory Services LLC bought a new stake in shares of Cenovus Energy in the 4th quarter worth $38,000. Finally, Geneos Wealth Management Inc. raised its stake in shares of Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company's stock worth $44,000 after buying an additional 1,384 shares in the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $25.91 on Friday. Cenovus Energy has a 1-year low of $11.60 and a 1-year high of $27.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04. The business's fifty day moving average price is $23.95 and its two-hundred day moving average price is $19.80. The firm has a market capitalization of $48.69 billion, a PE ratio of 16.93 and a beta of 0.34.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.08. Cenovus Energy had a return on equity of 13.25% and a net margin of 7.92%.The firm had revenue of $9.44 billion for the quarter, compared to analyst estimates of $10.89 billion. During the same period last year, the company earned $0.07 earnings per share. On average, research analysts expect that Cenovus Energy will post 1.49 EPS for the current year.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.80 annualized dividend and a yield of 3.1%. Cenovus Energy's dividend payout ratio (DPR) is presently 38.56%.

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.

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