Raymond James Reduces Earnings Estimates for Cenovus Energy

Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE - Raymond James lowered their FY2027 earnings estimates for shares of Cenovus Energy in a note issued to investors on Thursday, December 12th. Raymond James analyst M. Barth now anticipates that the oil and gas company will post earnings per share of $2.01 for the year, down from their previous estimate of $2.02. The consensus estimate for Cenovus Energy's current full-year earnings is $1.48 per share. Raymond James also issued estimates for Cenovus Energy's FY2028 earnings at $2.39 EPS.

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 net margin of 6.72% and a return on equity of 12.88%. The firm had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. During the same period last year, the firm earned $0.72 EPS. The business's quarterly revenue was down 17.9% compared to the same quarter last year.

Several other analysts also recently issued reports on CVE. TD Securities downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 1st. StockNews.com cut Cenovus Energy from a "buy" rating to a "hold" rating in a research note on Thursday, December 5th. Finally, BMO Capital Markets reduced their price objective on Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating for the company in a report on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $30.00.

Cenovus Energy Trading Down 2.5 %

Cenovus Energy stock traded down $0.38 during mid-day trading on Monday, hitting $14.87. 13,394,451 shares of the stock were exchanged, compared to its average volume of 8,804,228. Cenovus Energy has a 12 month low of $14.69 and a 12 month high of $21.90. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The firm's fifty day simple moving average is $16.26 and its two-hundred day simple moving average is $17.83. The stock has a market capitalization of $27.16 billion, a price-to-earnings ratio of 10.52 and a beta of 2.02.

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 issued a dividend of $0.133 per share. This represents a $0.53 annualized dividend and a dividend yield of 3.58%. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 13th. Cenovus Energy's dividend payout ratio (DPR) is presently 36.55%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Truvestments Capital LLC purchased a new stake in Cenovus Energy during the 3rd quarter valued at $25,000. Blue Trust Inc. increased its holdings 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 worth $51,000 after buying an additional 2,651 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Cenovus Energy by 8.0% in 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. SevenBridge Financial Group LLC purchased a new position in Cenovus Energy in the 3rd quarter worth about $162,000. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in Cenovus Energy by 12.0% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 11,496 shares of the oil and gas company's stock valued at $226,000 after acquiring an additional 1,229 shares during the period. Hedge funds and other institutional investors own 51.19% of the company's stock.

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.