Cenovus Energy (TSE:CVE) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price hoisted by Jefferies Financial Group from C$24.00 to C$25.00 in a report issued on Monday,BayStreet.CA reports.

CVE has been the topic of several other reports. Desjardins raised their target price on Cenovus Energy from C$27.00 to C$27.50 and gave the company a “buy” rating in a report on Friday, August 1st. Raymond James Financial raised their target price on Cenovus Energy from C$29.00 to C$30.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Royal Bank Of Canada raised their target price on Cenovus Energy from C$25.00 to C$26.00 and gave the company an “outperform” rating in a report on Friday, August 1st. TD Securities raised their target price on Cenovus Energy from C$25.00 to C$26.00 and gave the company a “buy” rating in a report on Friday, May 9th. Finally, Veritas lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$27.17.

Cenovus Energy Stock Performance

Shares of TSE:CVE opened at C$20.80 on Monday. The company has a market cap of C$37.89 billion, a P/E ratio of 10.25, a PEG ratio of 0.09 and a beta of 2.63. 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 one year low of C$14.48 and a one year high of C$26.47. The business’s 50-day simple moving average is C$19.88 and its 200 day simple moving average is C$19.12.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 30th were paid a dividend of $0.20 per share. The ex-dividend date was Friday, June 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a yield of 3.8%. Cenovus Energy’s payout ratio is presently 35.49%.

Insiders Place Their Bets

In other Cenovus Energy news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of the business’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of C$20.28, for a total transaction of C$13,886,994.98. Insiders have sold a total of 4,281,552 shares of company stock worth $84,922,463 in the last three months. 32.03% of the stock is owned by 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.