Cenovus Energy Inc. (TSE:CVE) Receives C$29.89 Average PT from Analysts

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have earned a consensus rating of “Moderate Buy” from the ten research firms that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is C$29.89.

CVE has been the topic of several recent analyst reports. BMO Capital Markets reduced their price objective on shares of Cenovus Energy from C$28.00 to C$25.00 in a research note on Friday, December 13th. Royal Bank of Canada reduced their price target on shares of Cenovus Energy from C$28.00 to C$26.00 in a research report on Tuesday, January 14th. National Bank Financial cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 20th. National Bankshares downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from C$28.00 to C$25.00 in a research note on Friday, February 21st. Finally, Jefferies Financial Group decreased their target price on Cenovus Energy from C$32.00 to C$30.00 in a research note on Thursday, January 30th.

Cenovus Energy Price Performance

Shares of CVE opened at C$18.16 on Tuesday. The stock has a market cap of C$33.08 billion, a P/E ratio of 8.95, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. Cenovus Energy has a 1 year low of C$17.42 and a 1 year high of C$29.96. The stock’s 50-day moving average price is C$20.29 and its two-hundred day moving average price is C$21.62. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59.

Cenovus Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 31st were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.72 annualized dividend and a dividend yield of 3.96%. Cenovus Energy’s dividend payout ratio is currently 35.49%.

Insider Buying and Selling

In other Cenovus Energy news, Senior Officer Karamjit Singh Sandhar purchased 5,000 shares of the business’s stock in a transaction on Wednesday, February 26th. The shares were purchased at an average cost of C$20.05 per share, with a total value of C$100,250.00. Also, Senior Officer John F. Soini acquired 4,104 shares of Cenovus Energy stock in a transaction dated Tuesday, March 18th. The shares were acquired at an average price of C$19.48 per share, with a total value of C$79,945.92. Over the last three months, insiders bought 26,054 shares of company stock worth $520,272. 32.03% of the stock is owned by corporate insiders.

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.