Shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) have been given a consensus rating of “Buy” by the eighteen analysts that are presently covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $13.31.
Several research analysts have recently weighed in on CVE shares. Raymond James boosted their price objective on shares of Cenovus Energy from C$13.50 to C$14.00 and gave the company a “market perform” rating in a report on Friday, July 30th. CIBC boosted their price objective on shares of Cenovus Energy from C$16.00 to C$20.00 and gave the company an “outperform” rating in a report on Wednesday, July 14th. Barclays boosted their price objective on shares of Cenovus Energy from C$11.00 to C$12.00 and gave the company an “equal weight” rating in a report on Friday, July 16th. Zacks Investment Research raised shares of Cenovus Energy from a “sell” rating to a “hold” rating and set a $11.00 price objective for the company in a report on Thursday, June 10th. Finally, National Bank Financial boosted their price objective on shares of Cenovus Energy from C$19.50 to C$20.00 and gave the company an “outperform” rating in a report on Monday, July 19th.
Several institutional investors and hedge funds have recently bought and sold shares of CVE. Marshall Wace LLP bought a new position in shares of Cenovus Energy in the first quarter worth approximately $25,000. Comerica Bank boosted its position in shares of Cenovus Energy by 70.5% during the first quarter. Comerica Bank now owns 112,938 shares of the oil and gas company’s stock worth $847,000 after acquiring an additional 46,699 shares during the last quarter. Natixis Advisors L.P. boosted its position in shares of Cenovus Energy by 3.0% during the first quarter. Natixis Advisors L.P. now owns 69,058 shares of the oil and gas company’s stock worth $519,000 after acquiring an additional 1,993 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of Cenovus Energy by 5.7% during the first quarter. Alliancebernstein L.P. now owns 143,224 shares of the oil and gas company’s stock worth $1,077,000 after acquiring an additional 7,755 shares during the last quarter. Finally, MD Financial Management Inc. bought a new position in shares of Cenovus Energy during the first quarter worth $130,000. Institutional investors and hedge funds own 49.30% of the company’s stock.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Wednesday, July 28th. The oil and gas company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.18). The firm had revenue of $8.61 billion during the quarter. Cenovus Energy had a negative return on equity of 2.61% and a net margin of 0.43%. On average, research analysts expect that Cenovus Energy will post 0.8 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Wednesday, September 15th will be given a $0.0139 dividend. The ex-dividend date of this dividend is Tuesday, September 14th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.58%. Cenovus Energy’s payout ratio is currently -3.77%.
About Cenovus Energy
Cenovus Energy, Inc engages in provision of gas and oil. Its activities include development, production, and marketing of crude oil, natural gas liquids (NGLS), and natural gas in Canada. The firm operates through four segments: Oil Sands, Conventional, Refining & Marketing, and Corporate & Eliminations.
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