Cenovus Energy Inc. (NYSE:CVE)‘s stock had its “overweight” rating reissued by Barclays PLC in a research report issued on Monday. They currently have a $24.00 price objective on the stock. Barclays PLC’s price target would suggest a potential upside of 55.74% from the stock’s previous close.
Other analysts have also recently issued reports about the company. Credit Suisse Group AG reiterated a “buy” rating on shares of Cenovus Energy in a report on Sunday, July 10th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $23.00 target price on shares of Cenovus Energy in a report on Tuesday, June 21st. Morgan Stanley upgraded Cenovus Energy from an “equal weight” rating to an “overweight” rating in a report on Monday, June 13th. TD Securities cut Cenovus Energy from a “buy” rating to a “hold” rating and set a $21.00 target price on the stock. in a report on Wednesday, August 10th. Finally, JPMorgan Chase & Co. upped their target price on Cenovus Energy from $19.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, July 29th. 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 company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $20.00.
Shares of Cenovus Energy (NYSE:CVE) opened at 15.41 on Monday. The firm has a market capitalization of $12.84 billion, a P/E ratio of 22.01 and a beta of 0.81. Cenovus Energy has a 12-month low of $9.10 and a 12-month high of $16.81. The stock has a 50 day moving average of $14.36 and a 200-day moving average of $14.36.
Cenovus Energy (NYSE:CVE) last announced its earnings results on Thursday, July 28th. The company reported ($0.05) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.09. Cenovus Energy had a negative return on equity of 7.35% and a net margin of 6.97%. During the same period in the previous year, the firm earned $0.18 EPS. On average, equities research analysts predict that Cenovus Energy will post ($0.59) EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were given a $0.0378 dividend. This represents a $0.15 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date was Tuesday, September 13th. Cenovus Energy’s payout ratio is currently 20.83%.
A number of large investors have recently added to or reduced their stakes in CVE. PNC Financial Services Group Inc. raised its stake in Cenovus Energy by 13.1% in the second quarter. PNC Financial Services Group Inc. now owns 9,147 shares of the company’s stock worth $128,000 after buying an additional 1,059 shares during the last quarter. Marshall Wace LLP bought a new stake in Cenovus Energy during the second quarter worth approximately $141,000. Quantitative Investment Management LLC bought a new stake in Cenovus Energy during the second quarter worth approximately $152,000. M&T Bank Corp raised its stake in Cenovus Energy by 4.8% in the first quarter. M&T Bank Corp now owns 12,881 shares of the company’s stock worth $168,000 after buying an additional 589 shares during the last quarter. Finally, Trexquant Investment LP bought a new stake in Cenovus Energy during the second quarter worth approximately $173,000. 67.80% of the stock is owned by institutional investors and hedge funds.
About Cenovus Energy
Cenovus Energy Inc is a Canada-based integrated oil company. It is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas. Its segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations. The Oil Sands segment includes the development and production of bitumen and natural gas in northeast Alberta.
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