Cenovus Energy Inc. (TSE:CVE) Given Average Rating of “Buy” by Analysts

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have received a consensus recommendation of “Buy” from the fifteen analysts that are currently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is C$39.64.

A number of equities analysts have weighed in on CVE shares. ATB Cormark Capital Markets raised their target price on shares of Cenovus Energy from C$29.00 to C$34.00 in a research note on Monday, February 23rd. Morgan Stanley decreased their target price on shares of Cenovus Energy from C$31.00 to C$29.00 in a research note on Friday, January 23rd. Royal Bank Of Canada raised their price target on shares of Cenovus Energy from C$42.00 to C$45.00 and gave the company an “outperform” rating in a research report on Thursday. TD Securities raised their price target on shares of Cenovus Energy from C$28.00 to C$35.00 and gave the company a “buy” rating in a research report on Friday, February 20th. Finally, Raymond James Financial downgraded shares of Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and raised their price target for the company from C$41.00 to C$42.00 in a research report on Wednesday, May 6th.

Cenovus Energy Price Performance

Shares of TSE CVE opened at C$38.84 on Wednesday. Cenovus Energy has a fifty-two week low of C$17.61 and a fifty-two week high of C$42.01. The company has a 50 day simple moving average of C$34.79 and a two-hundred day simple moving average of C$28.62. The company has a market capitalization of C$72.43 billion, a price-to-earnings ratio of 15.47, a P/E/G ratio of 0.09 and a beta of 0.23. The company has a debt-to-equity ratio of 42.29, a quick ratio of 1.00 and a current ratio of 1.57.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its earnings results on Wednesday, May 6th. The company reported C$0.84 earnings per share for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. The business had revenue of C$12.36 billion during the quarter. Analysts expect that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 31st were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.80 annualized dividend and a dividend yield of 2.1%. Cenovus Energy’s dividend payout ratio (DPR) is 31.87%.

Insider Buying and Selling at Cenovus Energy

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

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.