Analysts Set Cenovus Energy Inc (NYSE:CVE) Price Target at $39.00

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) has been assigned a consensus rating of “Moderate Buy” from the fifteen brokerages that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $39.00.

A number of research analysts recently weighed in on CVE shares. Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Wednesday, September 2nd. Raymond James Financial reissued an “outperform” rating on shares of Cenovus Energy in a research note on Wednesday. Wall Street Zen raised Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Scotiabank restated an “outperform” rating on shares of Cenovus Energy in a report on Thursday, July 30th. Finally, JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating in a research report on Tuesday, September 8th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Capital Research Global Investors boosted its stake in Cenovus Energy by 16.6% during the 4th quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock valued at $2,103,090,000 after purchasing an additional 17,730,542 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Cenovus Energy in the 2nd quarter worth $423,886,000. GQG Partners LLC purchased a new position in shares of Cenovus Energy in the second quarter worth $411,552,000. Bank of America Corp DE purchased a new position in shares of Cenovus Energy in the second quarter worth $369,701,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Cenovus Energy during the second quarter valued at $355,752,000. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Shares of CVE opened at $32.55 on Monday. The stock has a market cap of $59.97 billion, a PE ratio of 12.52 and a beta of 0.35. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63. Cenovus Energy has a fifty-two week low of $15.63 and a fifty-two week high of $34.16. The firm’s 50-day simple moving average is $30.47 and its two-hundred day simple moving average is $27.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The firm had revenue of $14.59 billion during the quarter, compared to analyst estimates of $11.87 billion. During the same period last year, the business earned $0.45 earnings per share. The business’s revenue was up 47.9% on a year-over-year basis. Analysts anticipate that Cenovus Energy will post 3.57 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is currently 24.62%.

Cenovus Energy Company Profile

Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.

Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.