Wall Street Zen upgraded shares of Cenovus Energy (NYSE:CVE – Free Report) (TSE:CVE) from a buy rating to a strong-buy rating in a report published on Sunday,Wall Street Zen reports.
A number of other research firms have also recently weighed in on CVE. UBS Group cut Cenovus Energy from a “buy” rating to a “hold” rating in a report on Wednesday, September 2nd. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th. JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “overweight” rating in a research report on Tuesday, September 8th. Desjardins upgraded shares of Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Cenovus Energy has an average rating of “Moderate Buy” and a consensus target price of $39.00.
View Our Latest Stock Analysis on Cenovus Energy
Cenovus Energy Trading Up 1.9%
Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last issued its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, hitting the consensus estimate of $1.11. The company had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The company’s revenue was up 47.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 earnings per share. Equities analysts forecast that Cenovus Energy will post 3.57 earnings per share for the current fiscal year.
Cenovus Energy Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio is presently 24.62%.
Hedge Funds Weigh In On Cenovus Energy
Institutional investors and hedge funds have recently made changes to their positions in the business. OLD National Bancorp IN boosted its position in Cenovus Energy by 5.2% during the first quarter. OLD National Bancorp IN now owns 12,597 shares of the oil and gas company’s stock worth $334,000 after purchasing an additional 618 shares during the period. IFP Advisors Inc raised its position in shares of Cenovus Energy by 15.7% in the fourth quarter. IFP Advisors Inc now owns 4,839 shares of the oil and gas company’s stock valued at $82,000 after purchasing an additional 656 shares during the period. CoreCap Advisors LLC raised its position in shares of Cenovus Energy by 17.1% in the second quarter. CoreCap Advisors LLC now owns 4,710 shares of the oil and gas company’s stock valued at $117,000 after purchasing an additional 687 shares during the period. Castle Rock Wealth Management LLC raised its position in shares of Cenovus Energy by 0.8% in the second quarter. Castle Rock Wealth Management LLC now owns 101,672 shares of the oil and gas company’s stock valued at $2,491,000 after purchasing an additional 795 shares during the period. Finally, Confluence Investment Management LLC lifted its stake in shares of Cenovus Energy by 1.3% in the second quarter. Confluence Investment Management LLC now owns 64,557 shares of the oil and gas company’s stock worth $1,602,000 after buying an additional 830 shares during the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.
About Cenovus Energy
Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.
Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.
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