Cenovus Energy Inc (NYSE:CVE) Receives Consensus Rating of "Buy" from Brokerages

Key Points

• Cenovus Energy Inc has received a consensus recommendation of "Buy" from 14 analysts, with eight recommending a buy and four a strong buy, while the average 1-year price target is $23.33.
• The company reported $0.33 earnings per share for the last quarter, surpassing the expectation of $0.14, although its revenue fell by 12.6% year-over-year to $10.66 billion.
• Cenovus Energy declared a quarterly dividend of $0.20, representing an annual yield of 4.6%, with a dividend payout ratio of 57.43%.

Shares of Cenovus Energy Inc (NYSE:CVE - Get Free Report) TSE: CVE have been given a consensus recommendation of "Buy" by the fourteen analysts that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and four have issued a strong buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $23.3333.

A number of equities analysts have recently commented on CVE shares. Raymond James Financial upgraded Cenovus Energy from an "outperform" rating to a "strong-buy" rating in a report on Thursday, October 9th. UBS Group reiterated a "buy" rating on shares of Cenovus Energy in a report on Monday, August 25th. Weiss Ratings reissued a "hold (c-)" rating on shares of Cenovus Energy in a research note on Wednesday, October 8th. Wall Street Zen upgraded Cenovus Energy from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Cenovus Energy in a report on Tuesday, September 2nd.

Cenovus Energy Stock Up 3.1%

NYSE CVE opened at $17.31 on Friday. The stock has a 50 day moving average price of $16.83 and a 200-day moving average price of $14.67. Cenovus Energy has a one year low of $10.23 and a one year high of $18.60. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 1.32. The company has a market capitalization of $30.94 billion, a P/E ratio of 17.14 and a beta of 0.92.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings results on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share 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 company had revenue of $10.66 billion for the quarter, compared to analysts' expectations of $10.64 billion. During the same quarter in the previous year, the business posted $0.62 earnings per share. Cenovus Energy's quarterly revenue was down 12.6% on a year-over-year basis. As a group, equities analysts predict that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend was Monday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is currently 57.43%.

Institutional Investors Weigh In On Cenovus Energy

Large investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board grew its stake in Cenovus Energy by 322.7% in the second quarter. Canada Pension Plan Investment Board now owns 15,521,050 shares of the oil and gas company's stock worth $211,338,000 after purchasing an additional 11,849,355 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Cenovus Energy by 56.5% in the 1st quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock worth $270,742,000 after buying an additional 7,035,004 shares during the period. Picton Mahoney Asset Management bought a new position in shares of Cenovus Energy during the 2nd quarter worth $74,895,000. Vanguard Group Inc. grew its position in shares of Cenovus Energy by 8.8% during the 1st quarter. Vanguard Group Inc. now owns 54,483,601 shares of the oil and gas company's stock worth $757,213,000 after buying an additional 4,401,045 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Cenovus Energy by 33.6% during the first quarter. Dimensional Fund Advisors LP now owns 17,363,386 shares of the oil and gas company's stock valued at $241,513,000 after buying an additional 4,362,384 shares during the period. 51.19% of the stock is owned by hedge funds and other 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.

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