Cenovus Energy Inc (NYSE:CVE) Stock Has Consensus Price Target of $39.00 According to Analysts

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have been given a consensus recommendation of “Buy” by the sixteen brokerages that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $39.00.

CVE has been the topic of a number of research reports. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a report on Wednesday, August 19th. JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating in a research note on Tuesday, September 8th. Royal Bank Of Canada upped their target price on Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Wednesday, September 2nd. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Cenovus Energy in a research note on Sunday, October 18th.

Cenovus Energy News Summary

Here are the key news stories impacting Cenovus Energy this week:

• Positive Sentiment: Third-quarter adjusted EPS beat expectations, and production reached a record 1.024 million barrels of oil equivalent per day. Cenovus also generated about C$5.0 billion in adjusted funds flow and C$3.6 billion in free funds flow. Reuters report on Cenovus third-quarter results
• Positive Sentiment: Management highlighted production growth, lower operating costs, refining gains and expansion projects, supporting the company’s growth outlook. Zacks earnings call highlights
• Positive Sentiment: Cenovus declared a quarterly dividend of C$0.22 per share, equivalent to C$0.88 annually. Cenovus third-quarter results and dividend announcement
• Negative Sentiment: Canadian crude discounts widened to their greatest level since 2018, a potential headwind to realized prices. Cenovus called the situation temporary and said it would not change production plans. Report on Canadian crude discounts

Institutional Trading of Cenovus Energy

Several institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp lifted its stake in Cenovus Energy by 233.5% in the third quarter. Fifth Third Bancorp now owns 3,622 shares of the oil and gas company’s stock worth $113,000 after acquiring an additional 2,536 shares during the period. Ritholtz Wealth Management boosted its holdings in Cenovus Energy by 11.2% in the third quarter. Ritholtz Wealth Management now owns 23,897 shares of the oil and gas company’s stock valued at $743,000 after acquiring an additional 2,401 shares in the last quarter. MFF Capital Investments Ltd purchased a new position in Cenovus Energy during the 3rd quarter valued at $4,351,000. Montaka Global Pty Ltd purchased a new position in Cenovus Energy during the 3rd quarter valued at $4,973,000. Finally, Point Nemo Capital LLC increased its position in Cenovus Energy by 5.2% during the 3rd quarter. Point Nemo Capital LLC now owns 48,650 shares of the oil and gas company’s stock valued at $1,512,000 after purchasing an additional 2,413 shares during the period. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Price Performance

CVE opened at $27.55 on Tuesday. The stock has a 50-day moving average price of $32.01 and a 200-day moving average price of $27.61. Cenovus Energy has a 12-month low of $15.63 and a 12-month high of $34.16. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $50.04 billion, a P/E ratio of 8.13 and a beta of 0.38.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be issued a dividend of C$0.22 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $0.88 annualized dividend and a dividend yield of 3.2%. Cenovus Energy’s dividend payout ratio (DPR) is currently 17.99%.

About Cenovus Energy

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas. Its upstream operations include oil sands projects in northern Alberta, as well as conventional oil and natural gas assets in Canada.

The company also operates oil sands upgraders, refineries, and related infrastructure. Through its downstream business, Cenovus produces and markets refined petroleum products, including gasoline, diesel, jet fuel, asphalt, and other products.