Analysts Set Cenovus Energy Inc (NYSE:CVE) Price Target at $18.60

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have been given an average rating of “Hold” by the nineteen analysts that are currently covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $18.60.

A number of equities analysts have recently commented on CVE shares. Zacks Investment Research lowered Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, May 1st. Canaccord Genuity reiterated a “hold” rating and issued a $16.50 price objective on shares of Cenovus Energy in a research note on Wednesday, April 26th. ValuEngine lowered Cenovus Energy from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Macquarie lowered Cenovus Energy from a “neutral” rating to an “underperform” rating in a research note on Wednesday, June 21st. Finally, Barclays PLC reiterated an “overweight” rating and issued a $22.00 price objective (up from $15.00) on shares of Cenovus Energy in a research note on Wednesday, July 12th.

Shares of Cenovus Energy (NYSE:CVE) traded down 3.50% on Friday, reaching $7.73. The company had a trading volume of 4,264,227 shares. The firm has a market capitalization of $9.50 billion, a PE ratio of 3.26 and a beta of 0.57. Cenovus Energy has a 52-week low of $6.76 and a 52-week high of $16.82. The company has a 50-day moving average price of $7.65 and a 200-day moving average price of $10.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.24. Cenovus Energy had a return on equity of 3.20% and a net margin of 17.89%. The company had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $3.40 billion. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. Equities research analysts forecast that Cenovus Energy will post $0.37 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a dividend of $0.039 per share. This represents a $0.16 annualized dividend and a yield of 2.02%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.04. The ex-dividend date is Thursday, September 14th. Cenovus Energy’s payout ratio is currently 8.33%.

A number of institutional investors have recently modified their holdings of the stock. Airain ltd purchased a new position in shares of Cenovus Energy during the first quarter valued at about $224,000. TradeLink Capital LLC purchased a new position in shares of Cenovus Energy during the first quarter valued at about $497,000. Segantii Capital Management Ltd purchased a new position in shares of Cenovus Energy during the first quarter valued at about $56,319,000. British Columbia Investment Management Corp raised its position in shares of Cenovus Energy by 23.7% in the first quarter. British Columbia Investment Management Corp now owns 157,700 shares of the oil and gas company’s stock valued at $1,336,000 after buying an additional 30,200 shares in the last quarter. Finally, Highstreet Asset Management Inc. raised its position in shares of Cenovus Energy by 2.3% in the first quarter. Highstreet Asset Management Inc. now owns 35,282 shares of the oil and gas company’s stock valued at $399,000 after buying an additional 782 shares in the last quarter. Hedge funds and other institutional investors own 55.77% of the company’s stock.

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