Cenovus Energy Inc. (TSE:CVE) Receives C$44.44 Average Target Price from Brokerages

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have earned a consensus recommendation of “Buy” from the fourteen research firms that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation, eleven have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is C$44.88.

A number of analysts have commented on the stock. Gerdes Energy Research raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and upped their target price for the company from C$42.00 to C$46.00 in a report on Monday, June 29th. Raymond James Financial lifted their price target on shares of Cenovus Energy from C$41.00 to C$46.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. UBS Group downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Desjardins set a C$50.00 price objective on Cenovus Energy and gave the stock a “buy” rating in a research note on Friday, July 17th. Finally, Canadian Imperial Bank of Commerce lifted their target price on Cenovus Energy from C$48.00 to C$52.00 in a research report on Thursday, August 27th.

Cenovus Energy Trading Down 0.1%

Cenovus Energy stock opened at C$46.16 on Tuesday. The business has a 50-day simple moving average of C$41.68 and a two-hundred day simple moving average of C$38.28. The company has a market cap of C$85.13 billion, a P/E ratio of 12.82, a P/E/G ratio of 0.09 and a beta of 0.19. Cenovus Energy has a 52-week low of C$21.62 and a 52-week high of C$47.13. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 34.01.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. The firm had revenue of C$17.43 billion for the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. Analysts predict 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 payout ratio is presently 22.78%.

Insider Activity at Cenovus Energy

In other Cenovus Energy news, insider Jonathan Michael Mckenzie sold 104,974 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the sale, the insider owned 843,824 shares in the company, valued at approximately C$36,697,905.76. This trade represents a 11.06% decrease in their position. Also, insider John F. Soini sold 26,223 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the sale, the insider owned 2,114 shares in the company, valued at approximately C$94,960.88. The trade was a 92.54% decrease in their position. In the last ninety days, insiders sold 601,524 shares of company stock worth $25,546,211. 32.03% of the stock is owned by company insiders.

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.