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

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

A number of research firms have recently weighed in on CVE. BMO Capital Markets reduced their target price on shares of 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 downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Finally, TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st.

Cenovus Energy Price Performance

NYSE:CVE opened at $15.84 on Friday. The business’s 50-day moving average is $16.77 and its 200 day moving average is $18.56. Cenovus Energy has a 12 month low of $14.69 and a 12 month high of $21.90. The company has a market capitalization of $28.98 billion, a P/E ratio of 10.92 and a beta of 2.05. The company has a current ratio of 1.59, a quick ratio of 0.95 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 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The firm had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $10.25 billion. During the same period in the prior year, the company earned $0.72 EPS. The company’s quarterly revenue was down 17.9% compared to the same quarter last year. On average, equities research analysts forecast that Cenovus Energy will post 1.5 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.133 per share. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.36%. Cenovus Energy’s dividend payout ratio is currently 36.55%.

Institutional Investors Weigh In On Cenovus Energy

A number of institutional investors and hedge funds have recently modified their holdings of the business. Daiwa Securities Group Inc. purchased a new stake in Cenovus Energy in the first quarter worth $356,000. Envestnet Portfolio Solutions Inc. purchased a new stake in Cenovus Energy in the 1st quarter valued at about $205,000. Oppenheimer Asset Management Inc. grew its stake in Cenovus Energy by 6.8% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 84,851 shares of the oil and gas company’s stock worth $1,696,000 after acquiring an additional 5,418 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Cenovus Energy by 8.3% during the first quarter. Russell Investments Group Ltd. now owns 1,139,757 shares of the oil and gas company’s stock worth $22,806,000 after acquiring an additional 87,092 shares during the period. Finally, Twin Tree Management LP raised its stake in shares of Cenovus Energy by 479.8% during the first quarter. Twin Tree Management LP now owns 2,122,874 shares of the oil and gas company’s stock valued at $42,436,000 after acquiring an additional 1,756,751 shares in the last quarter. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Company Profile

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.