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

Key Points

• Analysts broadly favor Cenovus Energy: Fifteen brokerages give the stock a consensus “Moderate Buy” rating, including 12 buys, two holds, and one strong buy. The average 12-month price target is $39.00.
• Cenovus reported quarterly earnings of $1.11 per share, matching estimates, while revenue rose 47.9% year over year to $14.59 billion, well above the $11.87 billion analyst consensus.
• The company declared a quarterly dividend of $0.22 per share, equivalent to $0.88 annually and a 2.7% yield. Institutional investors and hedge funds own approximately 51.19% of the stock.

Shares of Cenovus Energy Inc (NYSE:CVE - Get Free Report) TSE: CVE have been assigned a consensus recommendation of "Moderate Buy" from the fifteen brokerages that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, twelve have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $39.00.

A number of equities analysts have recently commented on CVE shares. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Cenovus Energy in a report on Thursday, August 27th. JPMorgan Chase & Co. upgraded Cenovus Energy from a "neutral" rating to an "overweight" rating in a report on Tuesday, September 8th. Desjardins raised shares of Cenovus Energy to a "moderate buy" rating in a research report on Thursday, July 16th. Gerdes Energy Research upgraded shares of Cenovus Energy from a "neutral" rating to a "buy" rating and set a $50.00 price target on the stock in a report on Wednesday, September 2nd. Finally, UBS Group cut shares of Cenovus Energy from a "buy" rating to a "hold" rating in a research report on Wednesday, September 2nd.

Cenovus Energy Trading Down 0.1%

CVE stock opened at $33.08 on Monday. The company has a market cap of $60.94 billion, a price-to-earnings ratio of 12.72 and a beta of 0.35. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. The business has a fifty day simple moving average of $30.00 and a 200-day simple moving average of $27.67. Cenovus Energy has a 52 week low of $15.63 and a 52 week high of $34.16.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, hitting the consensus estimate of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The business had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. During the same period last year, the company posted $0.45 EPS. The business's quarterly revenue was up 47.9% on a year-over-year basis. On average, equities research analysts expect that Cenovus Energy will post 3.57 EPS for the current year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is currently 24.62%.

Hedge Funds Weigh In On Cenovus Energy

Several hedge funds and other institutional investors have recently made changes to their positions in CVE. Jones Financial Companies Lllp raised its position 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 purchasing an additional 18,405 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Cenovus Energy by 6.3% in 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 valued at about $525,000. EverSource Wealth Advisors LLC grew its stake 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 valued at $67,000 after buying an additional 1,800 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Cenovus Energy in the second quarter valued at about $495,000. Institutional investors and hedge funds own 51.19% of the company's stock.

Cenovus Energy Company Profile

Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.

Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.

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