Cenovus Energy Inc. (NYSE:CVE) Given Average Recommendation of “Moderate Buy” by Brokerages

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) has earned an average rating of “Moderate Buy” from the six analysts that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $30.00.

Several analysts have issued reports on CVE shares. TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Finally, BMO Capital Markets reduced their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st.

Cenovus Energy Stock Up 1.6 %

NYSE:CVE opened at $15.84 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. Cenovus Energy has a 1-year low of $14.69 and a 1-year high of $21.90. The company has a 50-day moving average of $16.77 and a 200 day moving average of $18.56. The firm has a market cap of $28.98 billion, a PE ratio of 10.92 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.08. The firm had revenue of $14.20 billion during the quarter, compared to analysts’ expectations of $10.25 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The company’s revenue was down 17.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.72 EPS. As a group, research analysts anticipate that Cenovus Energy will post 1.5 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.133 per share. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend is Friday, December 13th. Cenovus Energy’s dividend payout ratio is currently 36.55%.

Institutional Investors Weigh In On Cenovus Energy

Several institutional investors have recently added to or reduced their stakes in the business. Truvestments Capital LLC purchased a new position in shares of Cenovus Energy in the 3rd quarter valued at approximately $25,000. Blue Trust Inc. raised its holdings in shares of Cenovus Energy by 640.3% in the third 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 during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Cenovus Energy by 8.0% during the second 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 period. SevenBridge Financial Group LLC purchased a new stake in shares of Cenovus Energy during the third quarter valued at $162,000. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in shares of Cenovus Energy in the 1st quarter valued at $205,000. Institutional investors and hedge funds 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.