Cenovus Energy Inc. (NYSE:CVE) Receives $30.00 Consensus Target Price from Brokerages

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) has been given a consensus recommendation of “Moderate Buy” by the six research firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month target price among analysts that have covered the stock in the last year is $30.00.

A number of research firms recently weighed in on CVE. BMO Capital Markets decreased their target price on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. StockNews.com lowered Cenovus Energy from a “buy” rating to a “hold” rating in a report on Thursday. Finally, TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st.

Institutional Trading of Cenovus Energy

A number of institutional investors have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. lifted its position in shares of Cenovus Energy by 8.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after buying an additional 643 shares during the last quarter. Cetera Advisors LLC lifted its position in shares of Cenovus Energy by 5.2% during the 1st quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock worth $327,000 after buying an additional 801 shares during the last quarter. Wahed Invest LLC lifted its position in shares of Cenovus Energy by 5.6% during the 3rd quarter. Wahed Invest LLC now owns 16,489 shares of the oil and gas company’s stock worth $276,000 after buying an additional 875 shares during the last quarter. Harmony Asset Management LLC lifted its position in shares of Cenovus Energy by 8.1% during the 3rd quarter. Harmony Asset Management LLC now owns 13,400 shares of the oil and gas company’s stock worth $224,000 after buying an additional 1,000 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of Cenovus Energy by 1.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 76,940 shares of the oil and gas company’s stock worth $1,287,000 after buying an additional 1,209 shares during the last quarter. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Stock Up 0.9 %

NYSE:CVE opened at $15.64 on Tuesday. The firm has a market capitalization of $28.57 billion, a price-to-earnings ratio of 10.85 and a beta of 2.02. Cenovus Energy has a twelve month low of $14.69 and a twelve month high of $21.90. The stock’s 50 day moving average price is $16.53 and its two-hundred day moving average price is $18.09. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.08. The business had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The firm’s revenue was down 17.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.72 EPS. Equities research analysts expect that Cenovus Energy will post 1.48 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.133 per share. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.40%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 13th. Cenovus Energy’s dividend payout ratio is presently 36.55%.

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.