Cenovus Energy Inc. (NYSE:CVE – Free Report) (TSE:CVE) – Zacks Research decreased their Q3 2023 earnings per share estimates for Cenovus Energy in a report released on Monday, September 4th. Zacks Research analyst U. Dutta now expects that the oil and gas company will post earnings of $0.51 per share for the quarter, down from their previous estimate of $0.52. The consensus estimate for Cenovus Energy’s current full-year earnings is $1.57 per share. Zacks Research also issued estimates for Cenovus Energy’s FY2023 earnings at $1.55 EPS and FY2025 earnings at $1.89 EPS.
Other equities analysts have also issued research reports about the company. UBS Group began coverage on Cenovus Energy in a research note on Wednesday, July 12th. They set a “neutral” rating on the stock. The Goldman Sachs Group raised Cenovus Energy from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $20.00 to $22.00 in a research note on Tuesday, June 6th. Scotiabank raised Cenovus Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Wednesday. Finally, StockNews.com began coverage on Cenovus Energy in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.88.
Cenovus Energy Stock Up 0.7 %
Shares of CVE opened at $20.34 on Wednesday. The stock has a 50 day moving average price of $18.45 and a 200 day moving average price of $17.56. The stock has a market capitalization of $38.57 billion, a price-to-earnings ratio of 13.62 and a beta of 2.24. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.86 and a current ratio of 1.50. Cenovus Energy has a one year low of $14.44 and a one year high of $22.18.
Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.32 by $0.01. Cenovus Energy had a return on equity of 14.29% and a net margin of 6.98%. The firm had revenue of $9.11 billion during the quarter, compared to analysts’ expectations of $9.69 billion.
Cenovus Energy Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a dividend of $0.106 per share. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.42 annualized dividend and a yield of 2.08%. Cenovus Energy’s dividend payout ratio is presently 27.70%.
Hedge Funds Weigh In On Cenovus Energy
Several hedge funds have recently bought and sold shares of CVE. Commonwealth Equity Services LLC increased its holdings in Cenovus Energy by 1.6% during the 3rd quarter. Commonwealth Equity Services LLC now owns 29,149 shares of the oil and gas company’s stock worth $448,000 after purchasing an additional 472 shares during the period. Parallel Advisors LLC increased its holdings in Cenovus Energy by 36.4% during the 2nd quarter. Parallel Advisors LLC now owns 2,606 shares of the oil and gas company’s stock worth $44,000 after purchasing an additional 696 shares during the period. Park Place Capital Corp increased its holdings in Cenovus Energy by 20.1% during the 1st quarter. Park Place Capital Corp now owns 4,170 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 698 shares during the period. Macquarie Group Ltd. increased its holdings in Cenovus Energy by 12.5% during the 4th quarter. Macquarie Group Ltd. now owns 6,312 shares of the oil and gas company’s stock worth $123,000 after purchasing an additional 703 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in Cenovus Energy by 68.9% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,746 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 712 shares during the period. Institutional investors and hedge funds own 50.01% of the company’s stock.
About Cenovus Energy
Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil and natural gas in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, and U.S. Manufacturing segments. The Oil Sands segment develops and produces bitumen and heavy oil in northern Alberta and Saskatchewan.
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