FY2024 EPS Forecast for Cenovus Energy Decreased by Analyst

Cenovus Energy Inc. (TSE:CVE - Free Report) NYSE: CVE - Raymond James reduced their FY2024 earnings estimates for shares of Cenovus Energy in a note issued to investors on Thursday, October 31st. Raymond James analyst M. Barth now forecasts that the company will earn $2.19 per share for the year, down from their prior forecast of $2.37. The consensus estimate for Cenovus Energy's current full-year earnings is $2.26 per share. Raymond James also issued estimates for Cenovus Energy's FY2025 earnings at $2.25 EPS, FY2026 earnings at $2.45 EPS, FY2027 earnings at $2.81 EPS and FY2028 earnings at $3.33 EPS.

A number of other equities analysts have also commented on the company. Scotiabank cut their price target on Cenovus Energy from C$35.00 to C$34.00 in a report on Friday, July 12th. Royal Bank of Canada cut their price objective on shares of Cenovus Energy from C$29.00 to C$28.00 and set an "outperform" rating for the company in a research report on Friday. National Bankshares cut their price target on shares of Cenovus Energy from C$38.00 to C$31.00 in a report on Friday, September 27th. Jefferies Financial Group decreased their price target on shares of Cenovus Energy from C$36.00 to C$33.00 and set a "buy" rating on the stock in a report on Monday, September 16th. Finally, BMO Capital Markets dropped their price objective on Cenovus Energy from C$31.00 to C$28.00 and set an "outperform" rating for the company in a research note on Friday. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of C$31.90.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock traded up C$0.58 during trading hours on Monday, hitting C$22.47. 3,827,944 shares of the company's stock traded hands, compared to its average volume of 5,307,673. The stock has a market capitalization of C$41.79 billion, a price-to-earnings ratio of 8.72, a PEG ratio of 0.09 and a beta of 2.63. Cenovus Energy has a 12-month low of C$19.82 and a 12-month high of C$29.96. The company has a debt-to-equity ratio of 33.34, a current ratio of 1.66 and a quick ratio of 1.00. The company has a fifty day simple moving average of C$23.53 and a 200-day simple moving average of C$25.88.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last announced its earnings results on Thursday, August 1st. The company reported C$0.53 earnings per share for the quarter, missing analysts' consensus estimates of C$0.72 by C($0.19). The business had revenue of C$14.89 billion during the quarter, compared to analysts' expectations of C$13.44 billion. Cenovus Energy had a return on equity of 16.69% and a net margin of 8.54%.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.20%. The ex-dividend date is Friday, December 13th. Cenovus Energy's dividend payout ratio is presently 28.69%.

Insider Buying and Selling

In other Cenovus Energy news, Senior Officer Jeffery George Lawson bought 4,000 shares of the business's stock in a transaction on Monday, September 30th. The shares were acquired at an average price of C$22.50 per share, with a total value of C$90,000.00. In related news, Senior Officer Jonathan Michael Mckenzie bought 100,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was bought at an average cost of C$22.25 per share, for a total transaction of C$2,225,000.00. Also, Senior Officer Jeffery George Lawson bought 4,000 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was bought at an average price of C$22.50 per share, with a total value of C$90,000.00. Insiders have purchased 152,700 shares of company stock valued at $3,470,597 in the last 90 days. Company insiders own 32.03% 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.