Cenovus Energy Inc. (TSE:CVE) Receives C$28.95 Consensus Price Target from Analysts

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have earned a consensus rating of “Buy” from the twelve research firms that are currently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and three have given a strong buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is C$28.95.

CVE has been the subject of several analyst reports. Desjardins increased their price target on shares of Cenovus Energy from C$33.00 to C$33.50 and gave the company a “buy” rating in a research note on Friday, December 12th. The Goldman Sachs Group upgraded Cenovus Energy to a “strong-buy” rating in a report on Friday, January 2nd. National Bankshares lifted their price objective on Cenovus Energy from C$28.00 to C$29.00 and gave the company an “outperform” rating in a research note on Friday, January 9th. Raymond James Financial upgraded shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from C$30.00 to C$32.00 in a research note on Thursday, October 9th. Finally, Morgan Stanley reduced their target price on shares of Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd.

Insider Buying and Selling

In other Cenovus Energy news, Director Michael John Crothers purchased 2,000 shares of the business’s stock in a transaction on Monday, December 15th. The shares were bought at an average cost of C$24.23 per share, for a total transaction of C$48,460.00. Following the completion of the purchase, the director directly owned 8,000 shares in the company, valued at approximately C$193,840. This represents a 33.33% increase in their ownership of the stock. 32.03% of the stock is owned by company insiders.

Cenovus Energy Trading Down 2.3%

Shares of Cenovus Energy stock opened at C$26.87 on Monday. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The stock’s 50 day simple moving average is C$24.36 and its 200-day simple moving average is C$23.42. The stock has a market cap of C$50.69 billion, a P/E ratio of 15.53, a P/E/G ratio of 0.09 and a beta of 0.50. Cenovus Energy has a 1-year low of C$14.48 and a 1-year high of C$27.98.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Friday, October 31st. The company reported C$0.72 earnings per share for the quarter. The company had revenue of C$13.20 billion for the quarter. Cenovus Energy had a return on equity of 12.67% and a net margin of 6.72%. Analysts predict that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, December 15th. Cenovus Energy’s payout ratio is 43.93%.

Cenovus Energy Company Profile

Cenovus Energy is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 472 thousand barrels of oil equivalent per day in 2020, and the company estimates that it holds 6.7 billion boe of proven and probable reserves.