FY2024 EPS Estimate for Cenovus Energy Decreased by Analyst

Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE - Investment analysts at Raymond James dropped their FY2024 earnings estimates for shares of Cenovus Energy in a report released on Thursday, October 31st. Raymond James analyst M. Barth now anticipates that the oil and gas company will earn $1.58 per share for the year, down from their prior forecast 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 posted its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.87% and a net margin of 6.72%. The firm had revenue of $14.20 billion for the quarter, compared to analysts' expectations of $10.25 billion. During the same period in the previous year, the firm earned $0.72 earnings per share. The business's revenue was down 17.9% compared to the same quarter last year.

Several other equities analysts have also recently issued reports on CVE. StockNews.com upgraded shares of Cenovus Energy from a "hold" rating to a "buy" rating in a research report on Monday, October 28th. TD Securities lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 1st. 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 report on Friday. Finally, Scotiabank decreased their price objective on Cenovus Energy from $35.00 to $34.00 and set a "sector outperform" rating for the company in a report on Friday, July 12th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Cenovus Energy has an average rating of "Moderate Buy" and a consensus target price of $30.00.

Cenovus Energy Trading Up 3.4 %

NYSE CVE traded up $0.53 during trading on Monday, hitting $16.20. The company had a trading volume of 5,018,990 shares, compared to its average volume of 8,880,861. The company's fifty day moving average is $17.20 and its 200-day moving average is $18.85. Cenovus Energy has a one year low of $14.69 and a one year 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. The company has a market cap of $29.64 billion, a price-to-earnings ratio of 11.19 and a beta of 2.05.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.133 dividend. This represents a $0.53 annualized dividend and a yield of 3.28%. 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 36.55%.

Institutional Investors Weigh In On Cenovus Energy

A number of institutional investors have recently modified their holdings of the stock. First Trust Direct Indexing L.P. purchased a new stake in shares of Cenovus Energy during the first quarter valued at approximately $215,000. Daiwa Securities Group Inc. bought a new stake in shares of Cenovus Energy in the 1st quarter worth $356,000. Mediolanum International Funds Ltd purchased a new position in shares of Cenovus Energy in the first quarter worth $680,000. Gold Investment Management Ltd. lifted 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 valued at $378,000 after purchasing an additional 833 shares in the last quarter. Finally, Signaturefd LLC boosted its position in shares of Cenovus Energy by 13.2% during the first quarter. Signaturefd LLC now owns 44,901 shares of the oil and gas company's stock valued at $898,000 after buying an additional 5,233 shares during the last quarter. 51.19% of the stock is owned by hedge funds and other 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.