Cenovus Energy Inc. (TSE:CVE) Receives C$44.44 Consensus Price Target from Analysts

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has received an average rating of “Buy” from the fourteen ratings firms that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is C$44.88.

A number of brokerages recently commented on CVE. Royal Bank Of Canada upped their price target on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. Desjardins set a C$50.00 price objective on Cenovus Energy and gave the company a “buy” rating in a report on Friday, July 17th. National Bank Financial set a C$60.00 price objective on Cenovus Energy and gave the stock an “outperform” rating in a research report on Tuesday, August 25th. JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from C$51.00 to C$58.00 in a report on Tuesday, September 8th. Finally, UBS Group cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd.

Cenovus Energy Stock Down 0.6%

CVE stock opened at C$45.89 on Tuesday. Cenovus Energy has a 1-year low of C$21.62 and a 1-year high of C$47.13. The business’s 50 day simple moving average is C$41.89 and its 200 day simple moving average is C$38.33. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01. The firm has a market capitalization of C$84.63 billion, a PE ratio of 12.75, a PEG ratio of 0.09 and a beta of 0.19.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. The firm had revenue of C$17.43 billion during the quarter. As a group, research analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current year.

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a yield of 1.9%. Cenovus Energy’s payout ratio is currently 22.78%.

Insiders Place Their Bets

In other Cenovus Energy news, insider John F. Soini sold 26,223 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the transaction, the insider owned 2,114 shares in the company, valued at C$94,960.88. This represents a 92.54% decrease in their position. Also, Director Alex Pourbaix sold 432,731 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of C$42.05, for a total transaction of C$18,196,338.55. Following the transaction, the director directly owned 1,455,996 shares in the company, valued at C$61,224,631.80. This represents a 22.91% decrease in their ownership of the stock. Insiders have sold a total of 601,524 shares of company stock worth $25,546,211 in the last quarter. Corporate insiders own 32.03% of the company’s stock.

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.