Cenovus Energy Inc. (TSE:CVE) Receives C$39.79 Consensus Target Price from Brokerages

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have earned an average recommendation of “Buy” from the fifteen analysts that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is C$39.79.

Several brokerages recently issued reports on CVE. JPMorgan Chase & Co. raised their price target on Cenovus Energy from C$25.00 to C$41.00 in a report on Tuesday, April 14th. UBS Group lifted their target price on Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. Gerdes Energy Research downgraded Cenovus Energy from a “buy” rating to a “neutral” rating in a research note on Friday, March 20th. National Bank Financial lifted their target price on Cenovus Energy from C$30.00 to C$57.00 and gave the company an “outperform” rating in a research note on Tuesday, March 31st. Finally, TD lifted their target price on Cenovus Energy from C$35.00 to C$45.00 and gave the company a “buy” rating in a research note on Thursday, April 16th.

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, insider Jonathan Michael Mckenzie sold 69,387 shares of Cenovus Energy stock in a transaction on 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 sale, the insider owned 1,143,824 shares of the company’s stock, valued at C$45,192,486.24. The trade was a 5.72% decrease in their position. Also, insider Susan Mary Anderson-Olney sold 19,379 shares of Cenovus Energy stock in a transaction on Friday, May 15th. The shares were sold at an average price of C$41.84, for a total value of C$810,817.36. Following the sale, the insider directly owned 33,275 shares in the company, valued at C$1,392,226. The trade was a 36.80% decrease in their position. Insiders have sold a total of 225,897 shares of company stock worth $8,990,614 in the last ninety days. 32.03% of the stock is owned by company insiders.

Cenovus Energy Trading Up 0.6%

Shares of TSE CVE opened at C$35.17 on Thursday. The company has a market cap of C$65.59 billion, a price-to-earnings ratio of 14.01, a price-to-earnings-growth ratio of 0.09 and a beta of 0.15. Cenovus Energy has a 12-month low of C$18.45 and a 12-month high of C$44.13. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29. The stock’s 50 day simple moving average is C$38.57 and its 200 day simple moving average is C$32.26.

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

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Monday, June 15th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio (DPR) is presently 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.