Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) has been given an average rating of “Hold” by the eighteen ratings firms that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $13.63.
Several research firms recently weighed in on CVE. Zacks Investment Research cut shares of Cenovus Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, February 12th. ValuEngine lowered Cenovus Energy from a “buy” rating to a “hold” rating in a report on Thursday, March 7th. AltaCorp Capital cut Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Monday, January 7th. Raymond James downgraded Cenovus Energy to a “hold” rating in a report on Tuesday, December 11th. Finally, Morgan Stanley reissued a “hold” rating on shares of Cenovus Energy in a research report on Tuesday, January 29th.
Institutional investors and hedge funds have recently bought and sold shares of the business. Mn Services Vermogensbeheer B.V. acquired a new position in Cenovus Energy during the 4th quarter worth $2,407,000. Nordea Investment Management AB acquired a new position in Cenovus Energy in the 3rd quarter valued at $696,000. Morgan Stanley raised its holdings in Cenovus Energy by 27.7% in the 3rd quarter. Morgan Stanley now owns 3,197,584 shares of the oil and gas company’s stock worth $32,072,000 after acquiring an additional 694,453 shares during the period. Vanguard Group Inc. increased its stake in shares of Cenovus Energy by 2.6% in the third quarter. Vanguard Group Inc. now owns 28,111,158 shares of the oil and gas company’s stock worth $281,955,000 after purchasing an additional 711,769 shares during the period. Finally, Alliancebernstein L.P. lifted its position in shares of Cenovus Energy by 28.9% during the 3rd quarter. Alliancebernstein L.P. now owns 147,564 shares of the oil and gas company’s stock worth $1,480,000 after purchasing an additional 33,114 shares during the last quarter. 77.74% of the stock is owned by hedge funds and other institutional investors.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Wednesday, February 13th. The oil and gas company reported ($1.03) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.87). The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.78 billion. Cenovus Energy had a negative net margin of 12.41% and a negative return on equity of 15.71%. During the same quarter in the prior year, the business earned ($0.42) earnings per share. On average, research analysts forecast that Cenovus Energy will post 0.35 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a dividend of $0.0377 per share. This represents a $0.15 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend was Thursday, March 14th. Cenovus Energy’s dividend payout ratio is currently -8.62%.
Cenovus Energy Company Profile
Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as other projects in the early stages of development, such as Telephone Lake.
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