Desjardins Cuts Cenovus Energy (TSE:CVE) Price Target to C$22.50

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective reduced by Desjardins from C$24.50 to C$22.50 in a research note published on Tuesday,BayStreet.CA reports. Desjardins currently has a buy rating on the stock.

A number of other research analysts have also recently commented on the stock. National Bankshares cut shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from C$28.00 to C$25.00 in a report on Friday, February 21st. TD Securities cut their target price 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. JPMorgan Chase & Co. lowered their price target on shares of Cenovus Energy from C$34.00 to C$32.00 and set an “overweight” rating for the company in a report on Friday, April 11th. CIBC dropped their price target on Cenovus Energy from C$32.00 to C$28.00 in a research note on Thursday, April 10th. Finally, National Bank Financial lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 20th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of C$28.35.

Cenovus Energy Trading Up 3.7 %

Shares of CVE stock opened at C$16.75 on Tuesday. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. Cenovus Energy has a fifty-two week low of C$14.48 and a fifty-two week high of C$29.46. The company has a market cap of C$30.51 billion, a PE ratio of 8.26, a P/E/G ratio of 0.09 and a beta of 2.63. The stock’s fifty day moving average price is C$19.03 and its two-hundred day moving average price is C$21.07.

Cenovus Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 31st were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 4.30%. The ex-dividend date was Friday, March 14th. Cenovus Energy’s dividend payout ratio (DPR) is presently 35.49%.

Insider Buying and Selling

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

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.