National Bankshares Cuts Cenovus Energy (TSE:CVE) Price Target to C$28.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective trimmed by National Bankshares from C$29.00 to C$28.00 in a report issued on Wednesday morning,BayStreet.CA reports. The firm currently has an outperform rating on the stock.

Other equities analysts also recently issued research reports about the stock. ATB Capital lifted their price target on shares of Cenovus Energy from C$25.00 to C$28.00 and gave the company an “outperform” rating in a report on Monday, August 25th. JPMorgan Chase & Co. decreased their price objective on shares of Cenovus Energy from C$32.00 to C$29.00 and set an “overweight” rating on the stock in a research report on Thursday, September 11th. Royal Bank Of Canada lifted their target price on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. National Bank Financial upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 22nd. Finally, Scotiabank raised their price target on Cenovus Energy from C$27.00 to C$29.00 and gave the company an “outperform” rating in a report on Tuesday, October 14th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of C$28.09.

Cenovus Energy Stock Down 1.1%

CVE stock opened at C$23.91 on Wednesday. The business’s 50-day moving average price is C$23.42 and its 200-day moving average price is C$20.33. The stock has a market cap of C$42.52 billion, a P/E ratio of 16.60, a PEG ratio of 0.09 and a beta of 0.66. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$25.97.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 29th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is presently 51.39%.

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.