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

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price boosted by Raymond James Financial from C$46.00 to C$51.00 in a report published on Wednesday morning,BayStreet reports. They currently have an outperform rating on the stock.

CVE has been the topic of a number of other research reports. UBS Group cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Royal Bank Of Canada boosted their price objective on Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. Scotiabank upped their target price on Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a research report on Thursday, July 30th. Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and raised their target price for the stock from C$42.00 to C$46.00 in a research note on Monday, June 29th. Finally, JPMorgan Chase & Co. upgraded Cenovus Energy from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from C$51.00 to C$58.00 in a report on Tuesday, September 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of C$45.19.

Cenovus Energy Price Performance

Cenovus Energy stock opened at C$45.62 on Wednesday. The firm has a market cap of C$84.13 billion, a P/E ratio of 12.67, a P/E/G ratio of 0.09 and a beta of 0.19. The stock’s 50 day moving average is C$42.86 and its 200 day moving average is C$38.88. The company has a debt-to-equity ratio of 34.01, a current ratio of 1.63 and a quick ratio of 1.00. Cenovus Energy has a one year low of C$21.62 and a one year high of C$47.45.

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

Cenovus Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio is 22.78%.

Insider Activity at Cenovus Energy

In related news, insider John F. Soini sold 26,223 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of C$44.92, for a total value of C$1,177,937.16. Following the completion of the sale, the insider directly owned 2,114 shares of the company’s stock, valued at C$94,960.88. The trade was a 92.54% decrease in their position. Also, Director Alex Pourbaix sold 30,186 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of C$42.17, for a total value of C$1,272,943.62. Following the transaction, the director directly owned 1,455,996 shares in the company, valued at approximately C$61,399,351.32. This trade represents a 2.03% decrease in their ownership of the stock. Insiders sold 601,524 shares of company stock valued at $25,546,211 in the last three months. Corporate 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.