Brokerages Set Cenovus Energy Inc. (NYSE:CVE) PT at $30.67

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) has earned a consensus recommendation of “Buy” from the four ratings firms that are currently covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a buy recommendation. The average 12 month price target among analysts that have covered the stock in the last year is $30.67.

A number of research firms have issued reports on CVE. Scotiabank decreased their price objective on shares of 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. StockNews.com cut shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 26th.

Institutional Investors Weigh In On Cenovus Energy

Large investors have recently modified their holdings of the stock. Atria Investments Inc bought a new stake in shares of Cenovus Energy during the 1st quarter valued at about $1,482,000. Manning & Napier Advisors LLC bought a new stake in Cenovus Energy during the second quarter worth about $2,946,000. TD Asset Management Inc boosted its stake in Cenovus Energy by 26.5% during the fourth quarter. TD Asset Management Inc now owns 42,191,779 shares of the oil and gas company’s stock worth $706,503,000 after acquiring an additional 8,841,374 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Cenovus Energy by 39.9% during the first quarter. International Assets Investment Management LLC now owns 35,767 shares of the oil and gas company’s stock worth $719,000 after acquiring an additional 10,200 shares in the last quarter. Finally, M&G Plc boosted its stake in Cenovus Energy by 2.4% during the second quarter. M&G Plc now owns 3,496,370 shares of the oil and gas company’s stock worth $69,013,000 after acquiring an additional 82,840 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Shares of NYSE:CVE opened at $17.01 on Thursday. The stock has a market cap of $31.56 billion, a PE ratio of 9.45 and a beta of 2.05. The company’s fifty day moving average is $18.33 and its 200 day moving average is $19.41. Cenovus Energy has a 52 week low of $14.69 and a 52 week high of $21.90. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. The firm had revenue of $10.88 billion during the quarter, compared to analysts’ expectations of $9.78 billion. Research analysts anticipate that Cenovus Energy will post 1.84 earnings per share for the current year.

Cenovus Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.132 per share. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend is Friday, September 13th. Cenovus Energy’s payout ratio is 29.44%.

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.