Cenovus Energy (TSE:CVE) Shares Down 9.6% Following Analyst Downgrade

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s stock price fell 9.6% on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from C$34.00 to C$32.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Cenovus Energy traded as low as C$15.06 and last traded at C$15.30. 3,767,845 shares changed hands during trading, a decline of 37% from the average session volume of 6,016,282 shares. The stock had previously closed at C$16.92.

Several other analysts also recently commented on CVE. National Bankshares downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating and cut their target price for the company from C$28.00 to C$25.00 in a research note on Friday, February 21st. CIBC reduced their price objective on Cenovus Energy from C$32.00 to C$28.00 in a report on Thursday. Raymond James upped their target price on shares of Cenovus Energy from C$32.00 to C$33.00 in a research note on Friday, December 13th. Royal Bank of Canada dropped their price target on Cenovus Energy from C$28.00 to C$26.00 in a research note on Tuesday, January 14th. Finally, BMO Capital Markets reduced their price objective on Cenovus Energy from C$28.00 to C$25.00 in a research report on Friday, December 13th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of C$29.40.

Insider Buying and Selling

In other Cenovus Energy news, Senior Officer Karamjit Singh Sandhar bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were bought at an average price of C$20.05 per share, with a total value of C$100,250.00. Also, Senior Officer John F. Soini purchased 5,880 shares of the stock in a transaction that occurred on Wednesday, April 9th. The stock was acquired at an average cost of C$16.89 per share, for a total transaction of C$99,313.20. In the last quarter, insiders bought 31,934 shares of company stock valued at $619,586. Company insiders own 32.03% of the company’s stock.

Cenovus Energy Stock Performance

The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The firm’s 50-day moving average price is C$19.44 and its 200-day moving average price is C$21.26. The stock has a market cap of C$28.80 billion, a P/E ratio of 7.79, a PEG 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 Monday, March 31st. Shareholders of record on Monday, March 31st were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 4.55%. The ex-dividend date of this dividend was Friday, March 14th. Cenovus Energy’s payout ratio is currently 35.49%.

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.