Cenovus Energy (TSE:CVE) Price Target Raised to C$45.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective boosted by TD from C$35.00 to C$45.00 in a research note published on Thursday,BayStreet.CA reports. They currently have a buy rating on the stock.

Other analysts have also recently issued reports about the company. National Bank Financial boosted their price objective on Cenovus Energy from C$30.00 to C$57.00 and gave the company an “outperform” rating in a research report on Tuesday, March 31st. JPMorgan Chase & Co. boosted their price objective on Cenovus Energy from C$25.00 to C$41.00 in a research report on Tuesday, April 14th. Morgan Stanley lowered their price objective on Cenovus Energy from C$31.00 to C$29.00 in a research report on Friday, January 23rd. Gerdes Energy Research cut Cenovus Energy from a “buy” rating to a “neutral” rating in a research report on Friday, March 20th. Finally, UBS Group upped their price target on Cenovus Energy from C$36.00 to C$41.00 in a research report on Thursday, April 9th. Three research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of C$39.08.

Cenovus Energy Stock Performance

CVE opened at C$33.55 on Thursday. The stock has a market cap of C$63.06 billion, a PE ratio of 15.60, a P/E/G ratio of 0.09 and a beta of 0.07. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 53.80. Cenovus Energy has a 1 year low of C$16.02 and a 1 year high of C$38.50. The stock’s 50 day simple moving average is C$33.00 and its 200-day simple moving average is C$27.46.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Thursday, February 19th. The company reported C$0.50 earnings per share (EPS) for the quarter. The business had revenue of C$10.88 billion for the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%. Sell-side analysts forecast that Cenovus Energy will post 2.2619279 EPS for the current year.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Friday, March 13th. Cenovus Energy’s dividend payout ratio is 36.28%.

Insiders Place Their Bets

In other Cenovus Energy news, insider John F. Soini sold 10,275 shares of the company’s stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total value of C$360,960.75. Following the sale, the insider directly owned 2,114 shares in the company, valued at C$74,264.82. This represents a 82.94% decrease in their ownership of the stock. 32.03% of the stock is owned by company 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.