According to Zacks, “Cenovus Energy is an integrated oil company headquartered in Calgary, Alberta. The Company’s operations include their growing enhanced oil projects and established natural gas and crude oil production in Alberta and Saskatchewan. The Company has four top-quality enhanced oil projects: Foster Creek, Christina Lake, Pelican Lake and Weyburn. Foster Creek, Christina Lake and Pelican Lake are located in northeast Alberta, and Weyburn is in Saskatchewan. The Company also has ownership interest in two high-quality refineries in Illinois and Texas. Cenovus Energy’s ongoing objective is to advance technologies that reduce the amount of water, steam, natural gas and electricity used in their operations and to decrease surface land disturbance. “
Other equities research analysts have also recently issued reports about the stock. Credit Suisse Group AG reissued a buy rating on shares of Cenovus Energy in a research note on Sunday, July 10th. TD Securities reissued a buy rating and issued a $21.00 price objective on shares of Cenovus Energy in a research note on Sunday, July 31st. Goldman Sachs Group Inc. reissued a conviction-buy rating on shares of Cenovus Energy in a research note on Wednesday, June 8th. Nomura reissued a hold rating on shares of Cenovus Energy in a research note on Monday. Finally, Bank of America Corp. initiated coverage on shares of Cenovus Energy in a research note on Friday, August 19th. They issued a neutral rating and a $17.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Cenovus Energy currently has an average rating of Buy and a consensus price target of $20.00.
Cenovus Energy (NYSE:CVE) opened at 13.96 on Wednesday. The firm has a 50-day moving average of $14.45 and a 200-day moving average of $14.27. Cenovus Energy has a 12-month low of $9.10 and a 12-month high of $17.23. The stock has a market cap of $11.63 billion, a PE ratio of 19.91 and a beta of 0.90.
Cenovus Energy (NYSE:CVE) last announced its quarterly earnings results on Thursday, July 28th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.09. Cenovus Energy had a net margin of 6.97% and a negative return on equity of 7.35%. During the same period in the prior year, the firm posted $0.18 earnings per share. Equities analysts predict that Cenovus Energy will post ($0.59) earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be issued a $0.0378 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $0.15 annualized dividend and a yield of 1.08%. Cenovus Energy’s payout ratio is 20.83%.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of Montreal Can acquired a new position in Cenovus Energy during the second quarter valued at approximately $289,644,000. Mackenzie Financial Corp acquired a new position in Cenovus Energy during the second quarter valued at approximately $169,263,000. FMR LLC raised its position in Cenovus Energy by 17.7% in the second quarter. FMR LLC now owns 35,147,014 shares of the company’s stock valued at $486,147,000 after buying an additional 5,297,761 shares during the last quarter. 1832 Asset Management L.P. raised its position in Cenovus Energy by 193.8% in the first quarter. 1832 Asset Management L.P. now owns 7,246,586 shares of the company’s stock valued at $154,065,000 after buying an additional 4,779,913 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. raised its position in Cenovus Energy by 11.3% in the second quarter. Beutel Goodman & Co Ltd. now owns 42,418,807 shares of the company’s stock valued at $582,692,000 after buying an additional 4,305,355 shares during the last quarter. Hedge funds and other institutional investors own 67.80% of the company’s stock.
About Cenovus Energy
Cenovus Energy Inc (Cenovus) is an integrated oil company. The Company is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas in Canada with marketing activities and refining operations in the United States. The Company’s segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations.
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