Cenovus Energy (TSE:CVE) Price Target Cut to C$26.00 by Analysts at Royal Bank of Canada

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target decreased by Royal Bank of Canada from C$28.00 to C$26.00 in a research note released on Tuesday,BayStreet.CA reports.

Other research analysts have also recently issued research reports about the stock. Raymond James upped their price target on shares of Cenovus Energy from C$32.00 to C$33.00 in a report on Friday, December 13th. TD Securities reduced their target price on shares of Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating for the company in a research note on Friday, December 13th. National Bankshares dropped their price target on Cenovus Energy from C$31.00 to C$29.00 and set an “outperform” rating on the stock in a research note on Thursday, December 19th. BMO Capital Markets cut their price target on Cenovus Energy from C$28.00 to C$25.00 in a report on Friday, December 13th. Finally, Jefferies Financial Group decreased their price objective on Cenovus Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a report on Friday, December 20th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of C$30.67.

Cenovus Energy Price Performance

Shares of CVE opened at C$21.36 on Tuesday. The stock has a 50 day simple moving average of C$21.79 and a 200 day simple moving average of C$23.77. Cenovus Energy has a 52-week low of C$19.82 and a 52-week high of C$29.96. The company has a debt-to-equity ratio of 33.34, a quick ratio of 1.00 and a current ratio of 1.66. The firm has a market capitalization of C$39.73 billion, a PE ratio of 8.51, a P/E/G ratio of 0.09 and a beta of 2.63.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 31st were paid a $0.18 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.72 dividend on an annualized basis and a yield of 3.37%. Cenovus Energy’s dividend payout ratio is 28.69%.

Insider Transactions at Cenovus Energy

In other news, Senior Officer Jeffery George Lawson acquired 4,600 shares of the stock in a transaction dated Friday, December 13th. The shares were bought at an average cost of C$21.74 per share, for a total transaction of C$100,004.00. Also, insider Cenovus Energy Inc. bought 44,700 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was purchased at an average price of C$22.07 per share, with a total value of C$986,658.63. Insiders have purchased a total of 55,300 shares of company stock worth $1,214,190 in the last 90 days. 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.