Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have been given a consensus recommendation of “Hold” by the nineteen brokerages that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $12.70.
A number of equities analysts have recently weighed in on the stock. ValuEngine downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Thursday, March 7th. Zacks Investment Research downgraded shares of Cenovus Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, February 12th. AltaCorp Capital downgraded shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Monday, January 7th. Canaccord Genuity set a $13.00 price target on shares of Cenovus Energy and gave the stock a “hold” rating in a research note on Tuesday, November 20th. Finally, Morgan Stanley dropped their price target on shares of Cenovus Energy from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 20th.
Large investors have recently modified their holdings of the stock. Nordea Investment Management AB bought a new stake in Cenovus Energy in the third quarter worth $696,000. Morgan Stanley boosted its holdings in Cenovus Energy by 27.7% during the third quarter. Morgan Stanley now owns 3,197,584 shares of the oil and gas company’s stock valued at $32,072,000 after acquiring an additional 694,453 shares during the period. Vanguard Group Inc. boosted its holdings in Cenovus Energy by 2.6% during the third quarter. Vanguard Group Inc. now owns 28,111,158 shares of the oil and gas company’s stock valued at $281,955,000 after acquiring an additional 711,769 shares during the period. Credit Suisse AG boosted its holdings in Cenovus Energy by 8.6% during the third quarter. Credit Suisse AG now owns 3,603,636 shares of the oil and gas company’s stock valued at $36,145,000 after acquiring an additional 285,779 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in Cenovus Energy by 28.9% during the third quarter. Alliancebernstein L.P. now owns 147,564 shares of the oil and gas company’s stock valued at $1,480,000 after acquiring an additional 33,114 shares during the period. Hedge funds and other institutional investors own 77.22% of the company’s stock.
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). Cenovus Energy had a negative return on equity of 15.71% and a negative net margin of 12.41%. The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.78 billion. During the same period last year, the company posted ($0.42) earnings per share. As a group, analysts predict that Cenovus Energy will post 0.36 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be issued a $0.0377 dividend. This represents a $0.15 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date is Thursday, March 14th. Cenovus Energy’s dividend payout ratio is presently -8.62%.
About Cenovus Energy
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 and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.
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