Cenovus Energy Inc. (NYSE:CVE) Receives $30.67 Consensus PT from Brokerages

Shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) have earned an average rating of “Buy” from the four analysts that are presently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a buy rating. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $30.67.

Several brokerages have commented on CVE. Scotiabank cut their price target on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. StockNews.com downgraded shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a report on Friday, July 26th.

Cenovus Energy Stock Down 2.0 %

CVE opened at $17.01 on Thursday. The company has a 50 day moving average of $18.33 and a 200 day moving average of $19.41. The company has a market cap of $31.56 billion, a PE ratio of 9.45 and a beta of 2.05. Cenovus Energy has a 12 month low of $14.69 and a 12 month high of $21.90. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.13). The business had revenue of $10.88 billion during the quarter, compared to the consensus estimate of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. On average, sell-side analysts expect that Cenovus Energy will post 1.84 EPS for the current year.

Cenovus Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a dividend of $0.132 per share. This represents a $0.53 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend is Friday, September 13th. Cenovus Energy’s dividend payout ratio (DPR) is currently 29.44%.

Institutional Trading of Cenovus Energy

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Capital World Investors raised its position in shares of Cenovus Energy by 5.4% during the 4th quarter. Capital World Investors now owns 150,534,829 shares of the oil and gas company’s stock valued at $2,508,185,000 after buying an additional 7,750,480 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Cenovus Energy by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 48,563,284 shares of the oil and gas company’s stock valued at $970,780,000 after buying an additional 1,008,341 shares in the last quarter. TD Asset Management Inc raised its position in Cenovus Energy by 26.5% in the 4th quarter. TD Asset Management Inc now owns 42,191,779 shares of the oil and gas company’s stock worth $706,503,000 after purchasing an additional 8,841,374 shares during the period. Boston Partners raised its position in Cenovus Energy by 29.0% in the 1st quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock worth $750,435,000 after purchasing an additional 8,438,979 shares during the period. Finally, Capital International Investors raised its position in Cenovus Energy by 216.3% in the 1st quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company’s stock worth $678,250,000 after purchasing an additional 23,202,018 shares during the period. Hedge funds and other institutional investors own 51.19% of the company’s stock.

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.