Cenovus Energy (TSE:CVE) Trading Down 9% Following Analyst Downgrade

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) traded down 9% 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$15.40. 4,803,434 shares were traded during mid-day trading, a decline of 20% from the average session volume of 6,032,520 shares. The stock had previously closed at C$16.92.

A number of other research analysts have also weighed in on CVE. Jefferies Financial Group decreased their price objective on Cenovus Energy from C$32.00 to C$30.00 in a report on Thursday, January 30th. BMO Capital Markets decreased their price target on shares of Cenovus Energy from C$28.00 to C$25.00 in a research note on Friday, December 13th. TD Securities dropped their price objective on shares of Cenovus Energy from C$29.00 to C$28.00 and set a “buy” rating for the company in a research note on Monday, February 24th. CIBC decreased their target price on shares of Cenovus Energy from C$32.00 to C$28.00 in a research note on Thursday. Finally, National Bank Financial cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 20th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of C$29.40.

Insiders Place Their Bets

In related news, Senior Officer John F. Soini purchased 5,880 shares of the company’s stock in a transaction 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. Also, Senior Officer Jeffery George Lawson acquired 10,000 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was bought at an average price of C$21.39 per share, for a total transaction of C$213,900.00. Insiders acquired a total of 31,934 shares of company stock valued at $619,586 over the last quarter. 32.03% of the stock is owned by insiders.

Cenovus Energy Price 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 has a market capitalization of C$28.80 billion, a price-to-earnings ratio of 7.79, a PEG ratio of 0.09 and a beta of 2.63. The stock has a 50 day moving average price of C$19.44 and a two-hundred day moving average price of C$21.26.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 31st were given 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 dividend payout ratio is currently 35.49%.

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.