Analysts Set Cenovus Energy Inc. (TSE:CVE) Target Price at C$39.00

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has received an average rating of “Buy” from the fifteen ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two 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 target among brokerages that have issued a report on the stock in the last year is C$39.64.

CVE has been the subject of a number of research analyst reports. Jefferies Financial Group raised their price target on Cenovus Energy from C$30.00 to C$37.00 in a research note on Monday, March 16th. Raymond James Financial lowered Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and increased their target price for the stock from C$41.00 to C$42.00 in a research note on Wednesday. TD Securities increased their target price 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. Scotia increased their target price on Cenovus Energy from C$38.00 to C$44.00 and gave the stock a “sector outperform” rating in a research note on Thursday. Finally, ATB Cormark Capital Markets increased their target price on Cenovus Energy from C$29.00 to C$34.00 in a research note on Monday, February 23rd.

Cenovus Energy Price Performance

Cenovus Energy stock opened at C$38.84 on Wednesday. Cenovus Energy has a 12-month low of C$17.61 and a 12-month high of C$42.01. 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 firm has a 50-day moving average price of C$34.79 and a 200-day moving average price of C$28.62. The firm has a market capitalization of C$73.00 billion, a PE ratio of 18.07, a price-to-earnings-growth ratio of 0.09 and a beta of 0.23.

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

Cenovus Energy Dividend Announcement

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

Insiders Place Their Bets

In other Cenovus Energy news, insider John F. Soini sold 10,275 shares of the stock in a transaction on 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 sale, the insider owned 2,114 shares in the company, valued at C$74,264.82. This trade represents a 82.94% decrease in their ownership of the stock. 32.03% of the stock is currently owned by insiders.

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.