Cenovus Energy (NYSE:CVE) Upgraded by Wall Street Zen to “Strong-Buy” Rating

Wall Street Zen upgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a buy rating to a strong-buy rating in a research report sent to investors on Saturday morning.

A number of other brokerages have also recently commented on CVE. Desjardins raised Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th. The Goldman Sachs Group reissued a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Zacks Research cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Finally, Lake Street Capital set a $36.00 price target on Cenovus Energy in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $36.25.

Cenovus Energy Trading Down 0.1%

Shares of NYSE CVE opened at $28.23 on Friday. Cenovus Energy has a 1 year low of $14.49 and a 1 year high of $32.07. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. The firm has a 50-day moving average of $27.28 and a 200 day moving average of $25.59. The stock has a market cap of $52.20 billion, a P/E ratio of 10.86 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business had revenue of $14.59 billion for the quarter, compared to analysts’ expectations of $11.87 billion. During the same quarter in the prior year, the company earned $0.45 earnings per share. The business’s revenue was up 47.9% compared to the same quarter last year. As a group, sell-side analysts expect that Cenovus Energy will post 3.2 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 annualized dividend and a dividend yield of 3.1%. Cenovus Energy’s dividend payout ratio (DPR) is 24.62%.

Hedge Funds Weigh In On Cenovus Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Financial Management Professionals Inc. bought a new stake in shares of Cenovus Energy in the 4th quarter worth $25,000. Transamerica Financial Advisors LLC lifted its holdings in shares of Cenovus Energy by 1,302.7% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 1,433 shares in the last quarter. NBC Securities Inc. boosted its position in shares of Cenovus Energy by 961.5% during the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 1,500 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Cenovus Energy during the fourth quarter valued at $38,000. Finally, Geneos Wealth Management Inc. increased its holdings in Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after buying an additional 1,384 shares in the last quarter. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.