Brokerages Set Cenovus Energy Inc. (NYSE:CVE) Price Target at $30.00

Shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) have received an average rating of “Moderate Buy” from the six ratings firms that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $30.00.

CVE has been the topic of a number of recent research reports. StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. BMO Capital Markets dropped their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Royal Bank of Canada restated an “outperform” rating and set a $28.00 target price on shares of Cenovus Energy in a report on Monday, January 6th. Finally, TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st.

Cenovus Energy Stock Down 1.4 %

Shares of NYSE CVE opened at $14.81 on Wednesday. The firm has a 50 day moving average price of $15.24 and a 200 day moving average price of $16.94. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The stock has a market cap of $27.02 billion, a P/E ratio of 10.21 and a beta of 2.01. Cenovus Energy has a 52-week low of $14.20 and a 52-week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The firm had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $10.25 billion. During the same period last year, the company posted $0.72 EPS. The business’s quarterly revenue was down 17.9% on a year-over-year basis. Analysts expect that Cenovus Energy will post 1.4 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a dividend of $0.133 per share. This represents a $0.53 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date was Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio (DPR) is 35.17%.

Institutional Investors Weigh In On Cenovus Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVE. Truvestments Capital LLC acquired a new stake in shares of Cenovus Energy during the third quarter valued at about $25,000. Blue Trust Inc. raised its holdings in Cenovus Energy by 640.3% in the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock valued at $51,000 after buying an additional 2,651 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in 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 period. SevenBridge Financial Group LLC bought a new stake in Cenovus Energy during the 3rd quarter worth approximately $162,000. Finally, Empirical Asset Management LLC acquired a new position in Cenovus Energy in the 4th quarter valued at approximately $174,000. 51.19% of the stock is currently owned by 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.