Cenovus Energy (NYSE:CVE) Stock Rating Cut to “Buy” at Wall Street Zen

by · The Markets Daily

Wall Street Zen cut shares of Cenovus Energy (NYSE:CVE – Free Report) (TSE:CVE) from a strong-buy rating to a buy rating in a research report report published on Saturday morning,Wall Street Zen reports.

A number of other analysts also recently issued reports on the company. Desjardins raised Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Zacks Research raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 28th. Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a report on Thursday, July 30th. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, August 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy presently has an average rating of “Buy” and an average price target of $39.00.

View Our Latest Research Report on Cenovus Energy

Cenovus Energy Stock Up 2.4%

Cenovus Energy stock opened at $32.40 on Friday. Cenovus Energy has a twelve month low of $15.63 and a twelve month high of $34.16. The firm has a 50 day moving average price of $31.34 and a 200-day moving average price of $28.60. The company has a market capitalization of $59.04 billion, a P/E ratio of 12.46 and a beta of 0.46. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last issued its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The company had revenue of $14.59 billion during the quarter, compared to analyst estimates of $11.87 billion. During the same quarter last year, the business posted $0.45 EPS. Cenovus Energy’s quarterly revenue was up 47.9% compared to the same quarter last year. As a group, equities analysts predict that Cenovus Energy will post 3.57 EPS for the current year.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were given a dividend of C$0.22 per share. The ex-dividend date was Tuesday, September 15th. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. Cenovus Energy’s dividend payout ratio is currently 24.62%.

Hedge Funds Weigh In On Cenovus Energy

Hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc raised its stake in shares of Cenovus Energy by 990.9% during the 3rd quarter. Versant Capital Management Inc now owns 1,080 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 981 shares during the period. Core Capital Management & Research inc. bought a new position in Cenovus Energy in the 2nd quarter worth about $496,000. Sequoia Financial Advisors LLC boosted its stake in Cenovus Energy by 11.0% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 46,542 shares of the oil and gas company’s stock worth $1,155,000 after purchasing an additional 4,611 shares during the period. Cidel Asset Management Inc. purchased a new position in Cenovus Energy during the 2nd quarter valued at about $14,630,000. Finally, Integrated Wealth Concepts LLC grew its holdings in Cenovus Energy by 8.2% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 27,930 shares of the oil and gas company’s stock valued at $693,000 after buying an additional 2,109 shares in the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Company Profile

(Get Free Report)

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids, with a significant focus on oil sands operations in Alberta. Its upstream activities include oil sands mining and in situ production, conventional oil and gas production, and the upgrading of heavy crude into synthetic crude oil.

Cenovus also operates in the downstream energy sector through crude oil refining, petroleum upgrading, marketing and distribution.

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