Raymond James Reduces Earnings Estimates for Cenovus Energy

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) – Equities researchers at Raymond James reduced their FY2027 EPS estimates for Cenovus Energy in a research report issued on Thursday, December 12th. Raymond James analyst M. Barth now forecasts that the oil and gas company will post earnings of $2.01 per share for the year, down from their prior forecast of $2.02. The consensus estimate for Cenovus Energy’s current full-year earnings is $1.48 per share. Raymond James also issued estimates for Cenovus Energy’s FY2028 earnings at $2.39 EPS.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. The company had revenue of $14.20 billion during the quarter, compared to analysts’ expectations of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The firm’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.72 earnings per share.

Other equities research analysts have also recently issued reports about the stock. TD Securities cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. BMO Capital Markets reduced their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Finally, StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Cenovus Energy Stock Down 0.6 %

CVE stock opened at $14.77 on Monday. Cenovus Energy has a 12 month low of $14.55 and a 12 month high of $21.90. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The company has a market cap of $26.95 billion, a price-to-earnings ratio of 10.18 and a beta of 2.02. The company has a fifty day moving average price of $16.13 and a 200 day moving average price of $17.74.

Institutional Investors Weigh In On Cenovus Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Smead Capital Management Inc. increased its holdings in shares of Cenovus Energy by 39.3% in the 3rd quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock valued at $257,831,000 after purchasing an additional 4,351,960 shares in the last quarter. 1832 Asset Management L.P. increased its holdings in Cenovus Energy by 81.1% in the second quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock valued at $246,507,000 after buying an additional 5,613,320 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Cenovus Energy by 5.3% during the 2nd quarter. Mackenzie Financial Corp now owns 11,186,227 shares of the oil and gas company’s stock valued at $219,897,000 after acquiring an additional 562,663 shares during the period. Ninepoint Partners LP lifted its position in shares of Cenovus Energy by 19.0% during the 2nd quarter. Ninepoint Partners LP now owns 7,500,000 shares of the oil and gas company’s stock valued at $147,450,000 after acquiring an additional 1,200,000 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of Cenovus Energy by 9.7% in the 3rd quarter. Geode Capital Management LLC now owns 6,413,919 shares of the oil and gas company’s stock worth $109,232,000 after acquiring an additional 568,732 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.133 per share. This represents a $0.53 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date is Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio is currently 36.55%.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.