Cenovus Energy (TSE:CVE) Price Target Raised to C$37.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price lifted by Jefferies Financial Group from C$30.00 to C$37.00 in a research note published on Monday morning,BayStreet.CA reports.

A number of other brokerages have also recently issued reports on CVE. Veritas upgraded shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. JPMorgan Chase & Co. lowered Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 target price on the stock. in a report on Tuesday, January 20th. Morgan Stanley reduced their price target on Cenovus Energy from C$31.00 to C$29.00 in a research report on Friday, January 23rd. TD Securities upped their price target on Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Finally, BMO Capital Markets lowered their price objective on Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating on the stock in a report on Friday, February 20th. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of C$32.67.

Cenovus Energy Price Performance

TSE CVE opened at C$32.88 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 53.80. The stock has a market capitalization of C$61.79 billion, a PE ratio of 15.29, a price-to-earnings-growth ratio of 0.09 and a beta of 0.63. Cenovus Energy has a 12-month low of C$14.48 and a 12-month high of C$33.08. The company has a 50 day moving average price of C$28.53 and a two-hundred day moving average price of C$25.57.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Thursday, February 19th. The company reported C$0.50 EPS for the quarter. The company had revenue of C$10.88 billion for the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. As a group, equities analysts predict that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.80 dividend on an annualized basis and a yield of 2.4%. Cenovus Energy’s payout ratio is currently 36.28%.

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.