Cenovus Energy Inc. (TSE:CVE) Given Average Rating of “Buy” by Brokerages

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has been assigned a consensus rating of “Buy” from the fifteen brokerages that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation, eleven have issued a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is C$39.79.

A number of equities analysts recently issued reports on the company. TD raised their price target on Cenovus Energy from C$35.00 to C$45.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Veritas raised Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. ATB Cormark Capital Markets raised their price target on Cenovus Energy from C$29.00 to C$34.00 in a report on Monday, February 23rd. Scotiabank raised their price target on Cenovus Energy from C$30.00 to C$34.00 and gave the stock an “outperform” rating in a report on Friday, February 20th. Finally, TD Securities raised their price target on Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a report on Friday, February 20th.

Insider Buying and Selling

In related news, insider Jonathan Michael Mckenzie sold 69,387 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total transaction of C$2,741,480.37. Following the transaction, the insider owned 1,143,824 shares of the company’s stock, valued at C$45,192,486.24. This trade represents a 5.72% decrease in their ownership of the stock. Also, insider Susan Mary Anderson-Olney sold 37,072 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of C$39.85, for a total value of C$1,477,319.20. Following the transaction, the insider directly owned 33,275 shares in the company, valued at approximately C$1,326,008.75. This represents a 52.70% decrease in their position. Insiders have sold a total of 236,172 shares of company stock valued at $9,351,575 over the last quarter. 32.03% of the stock is currently owned by insiders.

Cenovus Energy Stock Performance

TSE CVE opened at C$39.41 on Friday. The company has a debt-to-equity ratio of 42.29, a current ratio of 1.57 and a quick ratio of 1.00. Cenovus Energy has a 1 year low of C$18.21 and a 1 year high of C$44.13. The company has a market capitalization of C$73.49 billion, a PE ratio of 15.70, a P/E/G ratio of 0.09 and a beta of 0.15. The company has a fifty day moving average of C$38.34 and a two-hundred day moving average of C$31.00.

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

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.22 per share. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Monday, June 15th. Cenovus Energy’s dividend payout ratio is 31.87%.

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.