The equity research analysts at National Bank Financial lowered their price objective for Cenovus Energy (NYSE: CVE) (TSE: CVE) from C$38.00 to C$36.00 in a published research note on Friday.
CVE would like to thank the research specialists who recently gave their feedback. The company reaffirmed an “outperform” rating on shares of Cenovus Energy. In addition, it established a price objective of $37.00 for the company’s stock in a research note published on Thursday, August 11. The target price that Scotiabank has set for Cenovus Energy has increased from $25.00 to 34.00 Canadian dollars, according to a study published on June 8. The company is currently being recommended with a “Buy” recommendation on average, and the general price goal is $25.96, as stated by Bloomberg.com. Eleven experts in the business world have said that, in the current market, you should buy the company’s stock.
During trading on Friday, the price of a share of CVE went down by $0.22, bringing it to a new level of $15.37. This time, there were only 748,752 shares traded, significantly less than the usual volume of 7,258,439 shares. The company’s market capitalization is currently sitting at $29.68 billion, while its price-to-earnings ratio stands at 9.61 and its beta stands at 2.30. Cenovus Energy’s share price reached a one-year low of $9.89 and a one-year high of $24.91 over the past year. The current price of the stock, which is trading at $17.97, is lower than its 200-day simple moving average price of $18.58, which was set earlier. Several values can be used in this calculation. Some examples include a debt-to-equity ratio of 0.44, a current ratio of 1.73, and a quick ratio of 1.14.
In a report made available to the public on Thursday, July 28, Cenovus Energy (NYSE: CVE) (TSE: CVE) disclosed its most recent financial results. The earnings per share for the oil and gas industry came in at $0.93 for the quarter, which is $0.04 more than the consensus expectation of $0.89 for the quarter. In other words, the oil and gas industry beat expectations by $0.04. The return on equity for Cenovus Energy was 23.47 percent, while the net margin for the company was 6.51 percent. However, the actual revenue the company brought in for the quarter was $15.02 billion, which is significantly higher than the analysts’ predictions of $13.16 billion in revenue. Analysts working on the sell side for Cenovus Energy think the company will earn $3.41 per share during the current fiscal year.
Several hedge funds and institutional investors have recently completed transactions involving the purchase and sale of CVE shares. During the first three months of 2018, CWM LLC saw a 239.4% increase in its ownership stake in Cenovus Energy. CWM LLC increased its holdings in the oil and gas company during the most recent fiscal quarter by purchasing an additional 1,185 shares of the company’s stock. This brought the company’s total number of shares to 1,680, with a value of $28,000. A 43.4% increase in the proportion of Cenovus Energy that Truist Financial Corp. owns was accomplished during the first three months of 2018. Truist Financial Corporation increased its holdings in the oil and gas business stock during the most recent quarter by purchasing an additional 4,392 shares. This brought the total number of shares held by the company to 14,518, at a value of $242,000.00. TD Asset Management Inc. increased the amount of Cenovus Energy stock owned by 5.6% during the first three months of 2018. TD Asset Management Inc. now owns 37,767,355 shares of the oil and gas company’s stock, with an estimated market value of $630,136,000. This results from the company’s purchasing an additional 1,990,194 shares during the period in question. The percentage of Cenovus Energy owned by Van ECK Associates Corp. increased by 39.1% during the first three months of 2018 due to the company’s acquisition of additional shares. During the period, Van Eck Associates Corp made an additional purchase of 4,411 shares, bringing the total number of shares in the oil and gas company that it owns up to 15,693. Considering the price at which it is currently trading, this brings the company’s total value up to 262,000 dollars. During the second quarter, Gateway Investment Advisers LLC made a 61.2% increase in the proportion of its total capital invested in Cenovus Energy. The Gateway Investment Advisers LLC now holds 406,564 shares of the oil and gas company’s stock, which has a value of $7,729,000 after the acquisition of an additional 154,398 shares during the most recent quarter. Gateway Investment Advisers LLC purchased these shares. Hedge funds and other institutional investors own the company’s stock to 50.30% of the total.
Through its subsidiaries, Cenovus Energy Inc. is engaged in the exploration, production, and marketing of crude oil, natural gas, and natural gas throughout the Asia-Pacific region and in the United States and Canada. In addition, Cenovus Energy Inc. also has operations in the United Kingdom. The company is split up into several different divisions. The most important ones are Oil Sands, Conventional, Offshore, Canadian Manufacturing, United States Manufacturing, and Retail.
Source: beststocks.com
