Several other research firms have also recently commented on CVE. Bank of America Corp. started coverage on shares of Cenovus Energy in a report on Friday, August 19th. They set a neutral rating and a $17.00 price target on the stock. TD Securities lowered shares of Cenovus Energy from a buy rating to a hold rating and set a $21.00 price objective for the company. in a research note on Wednesday, August 10th. Goldman Sachs Group Inc. reaffirmed a conviction-buy rating on shares of Cenovus Energy in a research note on Wednesday, June 8th. Credit Suisse Group AG reaffirmed a buy rating on shares of Cenovus Energy in a research note on Sunday, July 10th. Finally, Scotiabank reaffirmed an outperform rating and issued a $20.00 price objective on shares of Cenovus Energy in a research note on Sunday, July 31st. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Cenovus Energy has a consensus rating of Buy and an average target price of $20.00.
Shares of Cenovus Energy (NYSE:CVE) opened at 13.96 on Monday. The company has a 50 day moving average price of $14.45 and a 200-day moving average price of $14.27. Cenovus Energy has a 12-month low of $9.10 and a 12-month high of $17.23. The firm 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 posted its quarterly earnings results on Thursday, July 28th. The company reported ($0.05) EPS for the quarter, beating the 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 quarter in the previous year, the company posted $0.18 EPS. Analysts expect that Cenovus Energy will post ($0.59) EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be issued a dividend of $0.0378 per share. The ex-dividend date is Tuesday, September 13th. This represents a $0.15 annualized dividend and a dividend yield of 1.08%. Cenovus Energy’s payout ratio is 20.83%.
Several hedge funds and other institutional investors have recently bought and sold shares of CVE. Bank of Montreal Can bought a new position in Cenovus Energy during the second quarter valued at about $289,644,000. Goldman Sachs Group Inc. increased its position in Cenovus Energy by 59.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,395,765 shares of the company’s stock valued at $31,145,000 after buying an additional 890,838 shares during the last quarter. Renaissance Technologies LLC increased its position in Cenovus Energy by 184.8% in the first quarter. Renaissance Technologies LLC now owns 2,201,800 shares of the company’s stock valued at $28,624,000 after buying an additional 1,428,700 shares during the last quarter. Lincluden Management Ltd. increased its position in Cenovus Energy by 17.8% in the second quarter. Lincluden Management Ltd. now owns 1,862,811 shares of the company’s stock valued at $25,757,000 after buying an additional 281,770 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. increased 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. 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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