Cenovus Energy (TSE:CVE) Trading 2.5% Higher – Still a Buy?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s stock price rose 2.5% during mid-day trading on Thursday . The company traded as high as C$16.66 and last traded at C$16.56. Approximately 1,079,167 shares traded hands during trading, a decline of 82% from the average daily volume of 6,064,452 shares. The stock had previously closed at C$16.16.

Analyst Ratings Changes

CVE has been the subject of several research analyst reports. Desjardins dropped their price objective on Cenovus Energy from C$24.50 to C$22.50 and set a “buy” rating for the company in a report on Tuesday. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a report on Wednesday, March 19th. TD Securities reduced their price objective on shares of Cenovus Energy from C$29.00 to C$28.00 and set a “buy” rating on the stock in a research report on Monday, February 24th. CIBC dropped their target price on shares of Cenovus Energy from C$32.00 to C$28.00 in a research report on Thursday, April 10th. Finally, Royal Bank of Canada reduced their price target on shares of Cenovus Energy from C$28.00 to C$26.00 in a research report on Tuesday, January 14th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of C$28.35.

Cenovus Energy Price Performance

The firm has a fifty day moving average price of C$19.13 and a two-hundred day moving average price of C$21.11. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. The stock has a market capitalization of C$30.71 billion, a P/E ratio of 8.31, a P/E/G ratio of 0.09 and a beta of 2.63.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 31st were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.27%. The ex-dividend date was Friday, March 14th. Cenovus Energy’s payout ratio is 35.49%.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, Senior Officer Karamjit Singh Sandhar bought 5,000 shares of Cenovus Energy stock in a transaction on Wednesday, February 26th. The stock was acquired at an average cost of C$20.05 per share, with a total value of C$100,250.00. Also, Senior Officer John F. Soini purchased 5,880 shares of the firm’s stock in a transaction on Wednesday, April 9th. The stock was acquired at an average price of C$16.89 per share, for a total transaction of C$99,313.20. Insiders acquired 31,934 shares of company stock worth $619,586 over the last quarter. 32.03% of the stock is currently owned by 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.