Cenovus Energy (TSE:CVE) Price Target Raised to C$58.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective lifted by National Bank Financial from C$57.00 to C$58.00 in a research note released on Tuesday morning,BayStreet reports. The brokerage currently has an outperform rating on the stock.

Several other equities research analysts also recently weighed in on CVE. ATB Cormark Capital Markets raised their price target on Cenovus Energy from C$42.50 to C$49.00 and gave the stock an “outperform” rating in a report on Tuesday, October 6th. TD upped their price objective on shares of Cenovus Energy from C$49.00 to C$50.00 and gave the company a “buy” rating in a report on Tuesday, October 13th. UBS Group downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 2nd. JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “overweight” rating and increased their price objective for the company from C$51.00 to C$58.00 in a research report on Tuesday, September 8th. Finally, Royal Bank Of Canada lifted their target price on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of C$46.75.

Cenovus Energy Stock Down 3.6%

Cenovus Energy stock opened at C$44.88 on Tuesday. The company has a debt-to-equity ratio of 34.01, a current ratio of 1.63 and a quick ratio of 1.00. The stock has a market capitalization of C$82.77 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 0.09 and a beta of 0.28. Cenovus Energy has a 1-year low of C$21.62 and a 1-year high of C$47.46. The business has a fifty day moving average price of C$45.08 and a 200-day moving average price of C$40.85.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. The firm had revenue of C$17.43 billion for the quarter. Equities research analysts forecast that Cenovus Energy will post 2.26 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Tuesday, September 15th. Cenovus Energy’s dividend payout ratio is 22.78%.

Insider Activity

In other news, Director Alex Pourbaix sold 30,186 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of C$42.17, for a total value of C$1,272,943.62. Following the sale, the director owned 1,455,996 shares in the company, valued at C$61,399,351.32. This represents a 2.03% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 104,974 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the completion of the sale, the insider owned 843,824 shares in the company, valued at C$36,697,905.76. The trade was a 11.06% decrease in their position. Insiders have sold 601,524 shares of company stock valued at $25,546,211 in the last ninety days. Insiders own 32.03% of the company’s stock.

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.