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

Cenovus Energy Inc. (NYSE:CVE - Get Free Report) TSE: CVE has been given an average recommendation of "Moderate Buy" by the six brokerages that are currently covering the stock, MarketBeat.com reports. One 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 ratings on the stock in the last year is $30.00.

CVE has been the topic of several recent research reports. BMO Capital Markets dropped their price target 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. TD Securities downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 1st. StockNews.com downgraded shares of Cenovus Energy from a "buy" rating to a "hold" rating in a report on Tuesday. Finally, Scotiabank reduced their target price 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.

Cenovus Energy Trading Down 1.4 %

Shares of NYSE CVE traded down $0.23 during midday trading on Friday, reaching $16.11. 5,628,493 shares of the stock were exchanged, compared to its average volume of 8,857,560. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. Cenovus Energy has a 12 month low of $14.69 and a 12 month high of $21.90. The business has a 50-day simple moving average of $16.98 and a two-hundred day simple moving average of $18.75. The company has a market capitalization of $29.47 billion, a price-to-earnings ratio of 11.27 and a beta of 2.05.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating 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 company had revenue of $14.20 billion during the quarter, compared to analysts' expectations of $10.25 billion. During the same quarter in the prior year, the company earned $0.72 earnings per share. The business's quarterly revenue was down 17.9% compared to the same quarter last year. As a group, equities research analysts expect that Cenovus Energy will post 1.63 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.133 per share. This represents a $0.53 dividend on an annualized basis and a yield of 3.30%. This is an increase from Cenovus Energy's previous quarterly dividend of $0.13. The ex-dividend date is Friday, December 13th. Cenovus Energy's payout ratio is presently 36.55%.

Institutional Investors Weigh In On Cenovus Energy

Institutional investors and hedge funds have recently modified their holdings of the company. Blue Trust Inc. raised its stake 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 acquiring an additional 2,651 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake 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. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Cenovus Energy during the 1st quarter worth about $205,000. Everpar Advisors LLC acquired a new position in Cenovus Energy in the 2nd quarter valued at about $211,000. Finally, FCG Investment Co bought a new position in Cenovus Energy in the 3rd quarter valued at about $211,000. 51.19% of the stock is 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.