Cenovus Energy (TSE:CVE) Cut to “Moderate Buy” at Raymond James Financial

Raymond James Financial lowered shares of Cenovus Energy (TSE:CVE) (NYSE:CVE) from a strong-buy rating to a moderate buy rating in a report published on Wednesday morning, Marketbeat reports. Raymond James Financial currently has C$42.00 target price on the stock, up from their previous target price of C$41.00.

Several other equities analysts have also issued reports on the company. JPMorgan Chase & Co. lifted their target price on Cenovus Energy from C$25.00 to C$41.00 in a research note on Tuesday, April 14th. Scotiabank lifted their target price on Cenovus Energy from C$30.00 to C$34.00 and gave the company an “outperform” rating in a research note on Friday, February 20th. Royal Bank Of Canada lifted their target price on Cenovus Energy from C$32.00 to C$42.00 and gave the company an “outperform” rating in a research note on Wednesday, April 8th. Scotia set a C$38.00 target price on Cenovus Energy and gave the company a “sector outperform” rating in a research note on Tuesday, April 21st. Finally, Veritas upgraded Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of C$39.64.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at C$38.84 on Wednesday. The firm has a market cap of C$73.00 billion, a P/E ratio of 18.07, a P/E/G ratio of 0.09 and a beta of 0.23. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29. Cenovus Energy has a 12 month low of C$17.61 and a 12 month high of C$42.01. The stock’s fifty day moving average price is C$34.79 and its 200-day moving average price is C$28.62.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Wednesday, May 6th. The company reported C$0.84 EPS for the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%.The firm had revenue of C$12.36 billion for the quarter. On average, equities research analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Friday, March 13th. Cenovus Energy’s dividend payout ratio (DPR) is currently 36.28%.

Insiders Place Their Bets

In other Cenovus Energy news, insider John F. Soini sold 10,275 shares of the firm’s stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total value of C$360,960.75. Following the completion of the sale, the insider owned 2,114 shares of the company’s stock, valued at approximately C$74,264.82. This trade represents a 82.94% decrease in their ownership of the stock. Corporate insiders own 32.03% of the company’s stock.

About Cenovus Energy

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.