Cenovus Energy (TSE:CVE) Price Target Raised to C$51.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective raised by Scotiabank from C$49.00 to C$51.00 in a research note published on Thursday morning,BayStreet.CA reports. The brokerage currently has a sector outperform rating on the stock.

CVE has been the topic of a number of other reports. Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and lifted their price objective for the company from C$42.00 to C$46.00 in a research note on Monday, June 29th. TD increased their target price on shares of Cenovus Energy from C$45.00 to C$46.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Raymond James Financial raised their target price on shares of Cenovus Energy from C$41.00 to C$46.00 and gave the company an “outperform” rating in a research note on Thursday. JPMorgan Chase & Co. dropped their price target on shares of Cenovus Energy from C$47.00 to C$45.00 in a research report on Thursday, July 9th. Finally, Royal Bank Of Canada upped their price target 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. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of C$43.73.

Cenovus Energy Stock Down 0.5%

CVE opened at C$42.27 on Thursday. The stock’s 50 day moving average price is C$38.31 and its 200 day moving average price is C$34.90. 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 cap of C$77.96 billion, a P/E ratio of 11.74, a P/E/G ratio of 0.09 and a beta of 0.17. Cenovus Energy has a 12 month low of C$19.97 and a 12 month high of C$44.13.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%.The company had revenue of C$17.43 billion during the quarter. As a group, research analysts predict that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were paid a dividend of $0.22 per share. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Monday, June 15th. Cenovus Energy’s dividend payout ratio (DPR) is 22.78%.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, insider Susan Mary Anderson-Olney sold 37,072 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of C$39.85, for a total value of C$1,477,319.20. Following the sale, the insider directly owned 33,275 shares in the company, valued at approximately C$1,326,008.75. The trade was a 52.70% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of C$39.51, for a total transaction of C$2,741,480.37. Following the completion of the sale, the insider directly owned 1,143,824 shares of the company’s stock, valued at C$45,192,486.24. The trade was a 5.72% decrease in their ownership of the stock. Over the last ninety days, insiders have sold 225,897 shares of company stock worth $8,990,614. 32.03% of the stock is owned by corporate insiders.

Key Cenovus Energy News

Here are the key news stories impacting Cenovus Energy this week:

• Positive Sentiment: Raymond James lifted its price target from C$41 to C$46 and maintained an “outperform” rating, implying approximately 8.3% potential upside from the referenced C$42.48 price. BayStreet.CA analyst ratings
• Positive Sentiment: Royal Bank of Canada raised its target from C$47 to C$51 and retained an “outperform” rating, indicating roughly 20.1% potential upside. BayStreet.CA analyst ratings
• Positive Sentiment: Scotiabank increased its target from C$49 to C$51 and kept a “sector outperform” rating, also pointing to approximately 20.1% potential upside. BayStreet.CA analyst ratings
• Positive Sentiment: TD raised its target from C$46 to C$49 and assigned a “buy” rating, representing about 15.3% potential upside. Tickerreport.com analyst ratings
• Positive Sentiment: JPMorgan increased its price target from C$45 to C$51, implying approximately 20.1% upside and reinforcing the bullish analyst consensus. BayStreet.CA analyst ratings

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.