Cenovus Energy (TSE:CVE) Price Target Raised to C$51.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target upped by JPMorgan Chase & Co. from C$45.00 to C$51.00 in a research note published on Thursday morning,BayStreet.CA reports.

A number of other equities research analysts have also commented on the stock. Scotia increased their price objective on shares of Cenovus Energy from C$38.00 to C$44.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. Raymond James Financial raised their price objective on shares of Cenovus Energy from C$41.00 to C$46.00 and gave the company an “outperform” rating in a research report on Thursday. Desjardins set a C$50.00 target price on shares of Cenovus Energy and gave the stock a “buy” rating in a research note on Friday, July 17th. UBS Group upped their target price on shares of Cenovus Energy from C$36.00 to C$41.00 in a research report on Thursday, April 9th. Finally, Royal Bank Of Canada increased 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. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of C$43.73.

Cenovus Energy Price Performance

Shares of CVE stock opened at C$42.27 on Thursday. The stock’s fifty day moving average is C$38.31 and its 200-day moving average is C$34.90. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63. The stock has a market capitalization of C$77.96 billion, a PE ratio of 11.74, a PEG ratio of 0.09 and a beta of 0.17. Cenovus Energy has a 52 week low of C$19.97 and a 52 week high of C$44.13.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%.The company had revenue of C$17.43 billion during the quarter. Equities research analysts expect that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were issued a $0.22 dividend. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a yield of 2.1%. The ex-dividend date was Monday, June 15th. Cenovus Energy’s dividend payout ratio (DPR) is 22.78%.

Insider Activity

In related news, insider Jonathan Michael Mckenzie sold 69,387 shares of Cenovus Energy stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the completion of the sale, the insider directly owned 1,143,824 shares in the company, 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 Cenovus Energy 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 completion of the sale, the insider owned 33,275 shares of the company’s stock, valued at approximately C$1,326,008.75. The trade was a 52.70% decrease in their ownership of the stock. In the last quarter, insiders sold 225,897 shares of company stock worth $8,990,614. 32.03% of the stock is owned by company insiders.

Cenovus Energy News Roundup

Here are the key news stories impacting Cenovus Energy this week:

• Positive Sentiment: Raymond James lifted its price target from C$41 to C$46 and maintained an “outperform” rating, implying approximately 8.3% potential upside from the referenced C$42.48 price. BayStreet.CA analyst ratings
• Positive Sentiment: Royal Bank of Canada raised its target from C$47 to C$51 and retained an “outperform” rating, indicating roughly 20.1% potential upside. BayStreet.CA analyst ratings
• Positive Sentiment: Scotiabank increased its target from C$49 to C$51 and kept a “sector outperform” rating, also pointing to approximately 20.1% potential upside. BayStreet.CA analyst ratings
• Positive Sentiment: TD raised its target from C$46 to C$49 and assigned a “buy” rating, representing about 15.3% potential upside. Tickerreport.com analyst ratings
• Positive Sentiment: JPMorgan increased its price target from C$45 to C$51, implying approximately 20.1% upside and reinforcing the bullish analyst consensus. BayStreet.CA analyst ratings

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.