Todays Report: The Barclays PLC Reiterates “Overweight” Rating for Cenovus Energy Inc. (CVE)

The Barclays PLC Reiterates “Overweight” Rating for Cenovus Energy Inc. (CVE)

Barclays PLC reissued their overweight rating on shares of Cenovus Energy Inc. (NYSE:CVE) in a report issued on Monday morning. Barclays PLC currently has a $24.00 price objective on the stock.

Several other research analysts have also commented on the company. Zacks Investment Research upgraded Cenovus Energy from a hold rating to a buy rating and set a $15.00 price target on the stock in a report on Tuesday, August 2nd. Scotiabank reiterated an outperform rating and set a $20.00 price target on shares of Cenovus Energy in a report on Sunday, July 31st. Bank of America Corp. started coverage on Cenovus Energy in a report on Friday, August 19th. They set a neutral rating and a $17.00 price target on the stock. TD Securities reiterated a buy rating and set a $21.00 price target on shares of Cenovus Energy in a report on Sunday, July 31st. Finally, Nomura reiterated a hold rating on shares of Cenovus Energy in a report on Monday, September 26th. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $20.00.

Shares of Cenovus Energy (NYSE:CVE) opened at 15.51 on Monday. The stock has a 50 day moving average of $14.39 and a 200-day moving average of $14.38. Cenovus Energy has a 12-month low of $9.10 and a 12-month high of $16.81. The company has a market capitalization of $12.92 billion, a PE ratio of 22.16 and a beta of 0.81.

Cenovus Energy (NYSE:CVE) last posted its quarterly earnings results on Thursday, July 28th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.09. Cenovus Energy had a negative return on equity of 7.35% and a net margin of 6.97%. During the same quarter last year, the firm posted $0.18 EPS. Analysts predict that Cenovus Energy will post ($0.59) earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were given a dividend of $0.0378 per share. This represents a $0.15 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date of this dividend was Tuesday, September 13th. Cenovus Energy’s dividend payout ratio is presently 20.83%.

Institutional investors have recently made changes to their positions in the company. Avalon Advisors LLC increased its position in shares of Cenovus Energy by 42.8% in the first quarter. Avalon Advisors LLC now owns 45,088 shares of the company’s stock worth $586,000 after buying an additional 13,520 shares in the last quarter. Seven Eight Capital LLC bought a new position in shares of Cenovus Energy during the first quarter worth approximately $261,000. Barclays PLC increased its position in shares of Cenovus Energy by 35.3% in the first quarter. Barclays PLC now owns 46,876 shares of the company’s stock worth $610,000 after buying an additional 12,241 shares in the last quarter. Legal & General Group Plc increased its position in shares of Cenovus Energy by 3.8% in the first quarter. Legal & General Group Plc now owns 3,908,240 shares of the company’s stock worth $51,070,000 after buying an additional 142,508 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of Cenovus Energy by 184.8% in the first quarter. Renaissance Technologies LLC now owns 2,201,800 shares of the company’s stock worth $28,624,000 after buying an additional 1,428,700 shares in the last quarter. 67.80% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Company Profile

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