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

Key Points

• Analysts rate Cenovus Energy “Moderate Buy”: Of 15 brokerages, 12 recommend buying the stock, two rate it a hold, and one issues a strong-buy rating. The average 12-month price target is $36.25.
• Strong quarterly results supported the outlook: Cenovus reported adjusted earnings of $1.11 per share, in line with estimates, while revenue reached $14.59 billion—up 47.9% year over year and above expectations.
• The company declared a quarterly dividend of $0.22 per share, equivalent to $0.88 annually and a 2.7% yield. Institutional investors own approximately 51.19% of Cenovus shares.

Cenovus Energy Inc (NYSE:CVE - Get Free Report) TSE: CVE has earned a consensus recommendation of "Moderate Buy" from the fifteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $36.25.

A number of research firms have weighed in on CVE. Desjardins raised shares of Cenovus Energy to a "moderate buy" rating in a research note on Thursday, July 16th. Wall Street Zen raised shares of Cenovus Energy from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Lake Street Capital set a $36.00 price objective on Cenovus Energy in a report on Wednesday, May 13th. Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a report on Wednesday. Finally, Royal Bank Of Canada increased their target price on Cenovus Energy from $47.00 to $51.00 and gave the stock an "outperform" rating in a research report on Thursday, July 30th.

Cenovus Energy Stock Performance

Cenovus Energy stock opened at $32.49 on Thursday. The firm has a market capitalization of $60.10 billion, a P/E ratio of 12.50 and a beta of 0.34. Cenovus Energy has a 52 week low of $14.85 and a 52 week high of $33.11. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The stock has a fifty day moving average price of $27.65 and a 200 day moving average price of $26.32.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business had revenue of $14.59 billion for the quarter, compared to analysts' expectations of $11.87 billion. During the same period last year, the company earned $0.45 earnings per share. The company's quarterly revenue was up 47.9% on a year-over-year basis. Equities research analysts anticipate that Cenovus Energy will post 3.2 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 annualized dividend and a yield of 2.7%. Cenovus Energy's dividend payout ratio is currently 24.62%.

Hedge Funds Weigh In On Cenovus Energy

Large investors have recently modified their holdings of the company. Jones Financial Companies Lllp raised its holdings in Cenovus Energy by 574.8% in the first quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company's stock valued at $301,000 after buying an additional 18,405 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Cenovus Energy by 6.3% during 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 buying an additional 44,125 shares during the period. Prudential Financial Inc. acquired a new stake in shares of Cenovus Energy in the second quarter worth $525,000. EverSource Wealth Advisors LLC increased its position in shares of Cenovus Energy by 57.8% in 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 in the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Cenovus Energy in the 2nd quarter valued at $495,000. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

About Cenovus Energy

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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