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

Cenovus Energy Inc. (NYSE:CVE - Get Free Report) TSE: CVE has earned a consensus recommendation of "Moderate Buy" from the six analysts that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $30.00.

Several analysts have weighed in on CVE shares. StockNews.com cut Cenovus Energy from a "buy" rating to a "hold" rating in a report on Saturday. BMO Capital Markets dropped their price target on shares of Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating for the company in a research note on Friday, November 1st. Finally, TD Securities cut shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 1st.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Smead Capital Management Inc. raised its position in shares of Cenovus Energy by 39.3% during the third quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company's stock worth $257,831,000 after purchasing an additional 4,351,960 shares during the period. 1832 Asset Management L.P. increased its stake in Cenovus Energy by 81.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company's stock worth $246,507,000 after purchasing an additional 5,613,320 shares in the last quarter. Mackenzie Financial Corp raised its holdings in Cenovus Energy by 5.3% during the 2nd quarter. Mackenzie Financial Corp now owns 11,186,227 shares of the oil and gas company's stock worth $219,897,000 after buying an additional 562,663 shares during the period. Ninepoint Partners LP lifted its stake in Cenovus Energy by 19.0% in the second quarter. Ninepoint Partners LP now owns 7,500,000 shares of the oil and gas company's stock valued at $147,450,000 after buying an additional 1,200,000 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Cenovus Energy by 9.7% in the third quarter. Geode Capital Management LLC now owns 6,413,919 shares of the oil and gas company's stock valued at $109,232,000 after buying an additional 568,732 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock traded down $0.05 during midday trading on Friday, reaching $14.64. The company had a trading volume of 6,643,454 shares, compared to its average volume of 8,723,835. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The stock has a fifty day simple moving average of $15.70 and a 200 day simple moving average of $17.51. Cenovus Energy has a 1-year low of $14.20 and a 1-year high of $21.90. The company has a market capitalization of $26.72 billion, a price-to-earnings ratio of 10.10 and a beta of 2.02.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The company had revenue of $14.20 billion during the quarter, compared to analysts' expectations of $10.25 billion. During the same period last year, the firm earned $0.72 EPS. The business's revenue for the quarter was down 17.9% on a year-over-year basis. As a group, equities research analysts forecast that Cenovus Energy will post 1.48 earnings per share for the current year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a $0.133 dividend. 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 3.63%. This is a boost from Cenovus Energy's previous quarterly dividend of $0.13. Cenovus Energy's dividend payout ratio is currently 36.55%.

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.