Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE - Equities research analysts at Raymond James dropped their FY2024 earnings per share (EPS) estimates for Cenovus Energy in a research note issued on Thursday, October 31st. Raymond James analyst M. Barth now forecasts that the oil and gas company will post earnings of $1.58 per share for the year, down from their previous estimate of $1.71. The consensus estimate for Cenovus Energy's current full-year earnings is $1.67 per share. Raymond James also issued estimates for Cenovus Energy's FY2025 earnings at $1.62 EPS, FY2026 earnings at $1.76 EPS, FY2027 earnings at $2.02 EPS and FY2028 earnings at $2.40 EPS.
Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly 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. The company had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. Cenovus Energy had a return on equity of 12.87% and a net margin of 6.72%. The company's quarterly revenue was down 17.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.72 earnings per share.
Other analysts have also issued reports about the company. StockNews.com upgraded Cenovus Energy from a "hold" rating to a "buy" rating in a report on Monday, October 28th. TD Securities downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 1st. Scotiabank lowered their target price on Cenovus Energy from $35.00 to $34.00 and set a "sector outperform" rating on the stock in a research report on Friday, July 12th. Finally, BMO Capital Markets lowered their target price on Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating on the stock in a research report on Friday. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Cenovus Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.00.
Check Out Our Latest Stock Report on Cenovus Energy
Cenovus Energy Stock Up 3.4 %
Shares of Cenovus Energy stock traded up $0.54 during trading on Monday, reaching $16.21. The stock had a trading volume of 7,709,682 shares, compared to its average volume of 8,897,379. The company has a market capitalization of $29.65 billion, a price-to-earnings ratio of 11.19 and a beta of 2.05. The stock has a fifty day moving average price of $17.20 and a two-hundred day moving average price of $18.85. Cenovus Energy has a 52 week low of $14.69 and a 52 week 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.
Hedge Funds Weigh In On Cenovus Energy
A number of institutional investors have recently bought and sold shares of the business. SVB Wealth LLC increased its position in Cenovus Energy by 2.6% during the first quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company's stock worth $394,000 after buying an additional 507 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Cenovus Energy by 8.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company's stock worth $170,000 after acquiring an additional 643 shares during the period. Cetera Advisors LLC boosted its holdings in shares of Cenovus Energy by 5.2% during the first quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company's stock worth $327,000 after acquiring an additional 801 shares during the period. Gold Investment Management Ltd. boosted its holdings in shares of Cenovus Energy by 4.6% during the first quarter. Gold Investment Management Ltd. now owns 18,881 shares of the oil and gas company's stock worth $378,000 after acquiring an additional 833 shares during the period. Finally, First Hawaiian Bank boosted its holdings in shares of Cenovus Energy by 1.6% during the second quarter. First Hawaiian Bank now owns 69,273 shares of the oil and gas company's stock worth $1,362,000 after acquiring an additional 1,071 shares during the period. Institutional investors and hedge funds own 51.19% of the company's stock.
Cenovus Energy Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.133 per share. This represents a $0.53 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Friday, December 13th. This is an increase from Cenovus Energy's previous quarterly dividend of $0.13. Cenovus Energy's payout ratio is 36.55%.
About Cenovus Energy
(
Get Free Report)
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.
Further Reading
Before you consider Cenovus Energy, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Cenovus Energy wasn't on the list.
While Cenovus Energy currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat has just released its list of 20 stocks that Wall Street analysts hate. These companies may appear to have good fundamentals, but top analysts smell something seriously rotten. Are any of these companies lurking around your portfolio? Find out by clicking the link below.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
