Cenovus Energy Inc. (TSE:CVE) Receives Average Recommendation of “Buy” from Analysts

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have received an average recommendation of “Buy” from the fifteen brokerages that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and three have issued a strong buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is C$40.20.

A number of research firms recently weighed in on CVE. Royal Bank Of Canada upped their target price on shares of Cenovus Energy from C$45.00 to C$47.00 and gave the stock an “outperform” rating in a report on Tuesday, May 19th. Raymond James Financial lowered Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and boosted their price objective for the stock from C$41.00 to C$42.00 in a report on Wednesday, May 6th. National Bank Financial increased their price objective on Cenovus Energy from C$30.00 to C$57.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 31st. JPMorgan Chase & Co. raised their target price on Cenovus Energy from C$25.00 to C$41.00 in a report on Tuesday, April 14th. Finally, UBS Group lifted their target price on Cenovus Energy from C$36.00 to C$41.00 in a research report on Thursday, April 9th.

Cenovus Energy Stock Performance

TSE CVE opened at C$35.19 on Thursday. The company has a market cap of C$65.62 billion, a P/E ratio of 14.02, a PEG ratio of 0.09 and a beta of 0.15. The company has a fifty day simple moving average of C$38.63 and a 200 day simple moving average of C$32.54. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29. Cenovus Energy has a 12-month low of C$18.83 and a 12-month high of C$44.13.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Wednesday, May 6th. The company reported C$0.84 earnings per share for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. The firm had revenue of C$12.36 billion for the quarter. Sell-side analysts predict that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.22 per share. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 15th. This represents a $0.88 annualized dividend and a yield of 2.5%. Cenovus Energy’s dividend payout ratio (DPR) is 31.87%.

Insiders Place Their Bets

In other news, insider Susan Mary Anderson-Olney sold 37,072 shares of the company’s stock in a transaction on 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 completion of the sale, the insider owned 33,275 shares in the company, valued at C$1,326,008.75. This represents a 52.70% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was 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 owned 1,143,824 shares of the company’s stock, valued at approximately C$45,192,486.24. The trade was a 5.72% decrease in their position. Insiders have sold a total of 225,897 shares of company stock worth $8,990,614 over the last ninety days. 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.