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

Shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) have earned a consensus rating of “Buy” from the four brokerages that are currently covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $30.67.

Several research firms have recently weighed in on CVE. Raymond James upgraded shares of Cenovus Energy to a “moderate buy” rating in a research note on Tuesday, May 28th. Scotiabank lowered their target price on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Finally, StockNews.com lowered Cenovus Energy from a “strong-buy” rating to a “buy” rating in a report on Friday, July 26th.

Hedge Funds Weigh In On Cenovus Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Cenovus Energy by 4,319.1% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,218,376 shares of the oil and gas company’s stock valued at $43,609,000 after purchasing an additional 2,168,176 shares during the last quarter. Truist Financial Corp lifted its holdings in shares of Cenovus Energy by 5.4% during the 2nd quarter. Truist Financial Corp now owns 82,313 shares of the oil and gas company’s stock worth $1,618,000 after acquiring an additional 4,208 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Cenovus Energy by 8.0% in 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 acquiring an additional 643 shares in the last quarter. Creative Planning increased its stake in Cenovus Energy by 8.1% in the second quarter. Creative Planning now owns 292,758 shares of the oil and gas company’s stock valued at $5,756,000 after acquiring an additional 21,991 shares during the last quarter. Finally, SkyView Investment Advisors LLC raised its position in Cenovus Energy by 13.2% during the second quarter. SkyView Investment Advisors LLC now owns 41,510 shares of the oil and gas company’s stock valued at $816,000 after purchasing an additional 4,830 shares in the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $17.21 on Thursday. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25. The stock has a fifty day simple moving average of $18.46 and a two-hundred day simple moving average of $19.43. Cenovus Energy has a 1-year low of $14.69 and a 1-year high of $21.90. The firm has a market cap of $31.99 billion, a price-to-earnings ratio of 9.56 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.13). Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. The firm had revenue of $10.88 billion for the quarter, compared to the consensus estimate of $9.78 billion. Analysts anticipate that Cenovus Energy will post 1.85 earnings per share for the current year.

Cenovus Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a $0.132 dividend. This represents a $0.53 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend is Friday, September 13th. Cenovus Energy’s payout ratio is 29.44%.

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.