Cenovus Energy Inc. (TSE:CVE) Stock Has Average Price Target of C$45.19

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has been given a consensus recommendation of “Buy” by the fourteen ratings firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is C$45.19.

CVE has been the subject of a number of recent research reports. Canadian Imperial Bank of Commerce upped their price objective on Cenovus Energy from C$48.00 to C$52.00 in a research note on Thursday, August 27th. Scotiabank raised their target price on Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector 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 report on Wednesday, September 2nd. National Bank Financial set a C$60.00 price target on shares of Cenovus Energy and gave the stock an “outperform” rating in a research report on Wednesday, September 30th. Finally, JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from C$51.00 to C$58.00 in a report on Tuesday, September 8th.

Cenovus Energy Stock Performance

Shares of TSE CVE opened at C$44.86 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 34.01. The firm’s 50-day moving average price is C$43.88 and its two-hundred day moving average price is C$39.94. Cenovus Energy has a 52-week low of C$21.62 and a 52-week high of C$47.45. The stock has a market capitalization of C$82.73 billion, a P/E ratio of 12.46, a P/E/G ratio of 0.09 and a beta of 0.28.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. The company had revenue of C$17.43 billion during the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. As a group, sell-side analysts forecast that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th were paid a $0.22 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $0.88 annualized dividend and a dividend yield of 2.0%. Cenovus Energy’s dividend payout ratio (DPR) is presently 22.78%.

Insider Activity

In related news, insider Jonathan Michael Mckenzie sold 104,974 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of C$43.49, for a total value of C$4,565,319.26. Following the completion of the transaction, the insider directly owned 843,824 shares of the company’s stock, valued at C$36,697,905.76. This represents a 11.06% decrease in their position. Also, Director Alex Pourbaix sold 30,186 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of C$42.17, for a total value of C$1,272,943.62. Following the completion of the sale, the director owned 1,455,996 shares in the company, valued at approximately C$61,399,351.32. This represents a 2.03% decrease in their ownership of the stock. Over the last 90 days, insiders have sold 601,524 shares of company stock valued at $25,546,211. 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.