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

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has earned a consensus recommendation of “Buy” from the twelve brokerages that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation, nine have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is C$27.90.

Several research firms have recently commented on CVE. JPMorgan Chase & Co. lowered their price objective on shares of Cenovus Energy from C$32.00 to C$29.00 and set an “overweight” rating for the company in a research note on Thursday, September 11th. National Bank Financial upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 22nd. National Bankshares lifted their price objective on shares of Cenovus Energy from C$28.00 to C$29.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 10th. ATB Capital lifted their price objective on shares of Cenovus Energy from C$25.00 to C$28.00 and gave the stock an “outperform” rating in a research note on Monday, August 25th. Finally, Desjardins boosted their target price on shares of Cenovus Energy from C$27.50 to C$29.00 in a research report on Monday, August 25th.

Cenovus Energy Price Performance

Shares of CVE opened at C$24.75 on Tuesday. The company has a market cap of C$44.54 billion, a price-to-earnings ratio of 17.19, a price-to-earnings-growth ratio of 0.09 and a beta of 0.78. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$25.34. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. The company has a 50 day moving average of C$21.98 and a two-hundred day moving average of C$19.67.

Cenovus Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 29th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.2%. Cenovus Energy’s payout ratio is currently 51.39%.

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.