Cenovus Energy (NYSE:CVE) Upgraded at Wall Street Zen

by · The Cerbat Gem

Wall Street Zen upgraded shares of Cenovus Energy (NYSE:CVE – Free Report) (TSE:CVE) from a hold rating to a buy rating in a research note published on Saturday.

Other research analysts have also recently issued research reports about the company. Raymond James Financial upgraded Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, October 9th. TD Securities restated a “buy” rating on shares of Cenovus Energy in a research note on Tuesday, September 30th. UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a research note on Monday, August 25th. Weiss Ratings reissued a “hold (c)” rating on shares of Cenovus Energy in a report on Thursday, October 30th. Finally, National Bank Financial upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $21.00.

View Our Latest Report on Cenovus Energy

Cenovus Energy Trading Up 2.4%

NYSE CVE opened at $17.86 on Friday. The company has a market cap of $31.55 billion, a PE ratio of 17.68 and a beta of 0.86. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24. Cenovus Energy has a 12 month low of $10.23 and a 12 month high of $18.60. The stock has a 50 day moving average of $17.07 and a 200-day moving average of $15.19.

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last announced its quarterly earnings data on Friday, October 31st. The oil and gas company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The company had revenue of $10.87 billion during the quarter, compared to the consensus estimate of $12.51 billion. During the same quarter last year, the firm posted $0.42 EPS. The company’s quarterly revenue was down 7.0% on a year-over-year basis. On average, equities research analysts anticipate that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Monday, December 15th. Cenovus Energy’s dividend payout ratio (DPR) is presently 45.90%.

Institutional Investors Weigh In On Cenovus Energy

Hedge funds have recently modified their holdings of the company. Atlantic Union Bankshares Corp bought a new stake in shares of Cenovus Energy in the second quarter worth $27,000. Ridgewood Investments LLC bought a new position in Cenovus Energy during the 2nd quarter worth $27,000. Allworth Financial LP lifted its holdings in Cenovus Energy by 104.3% during the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after buying an additional 1,168 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in shares of Cenovus Energy in the 1st quarter valued at about $42,000. Finally, Geneos Wealth Management Inc. grew its position in shares of 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 valued at $44,000 after buying an additional 1,384 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Company Profile

(Get Free Report)

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.

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