Cenovus Energy Inc. (TSE:CVE) Receives C$37.25 Average Target Price from Brokerages

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has been given an average rating of “Buy” by the thirteen brokerages that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and three have assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is C$37.25.

CVE has been the topic of a number of recent analyst reports. UBS Group increased their price target on Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. BMO Capital Markets cut their target price on Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating on the stock in a research report on Friday, February 20th. Morgan Stanley cut their target price on Cenovus Energy from C$31.00 to C$29.00 in a research report on Friday, January 23rd. Royal Bank Of Canada increased their target price on Cenovus Energy from C$32.00 to C$42.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 8th. Finally, ATB Cormark Capital Markets increased their target price on Cenovus Energy from C$29.00 to C$34.00 in a research report on Monday, February 23rd.

Cenovus Energy Price Performance

CVE stock opened at C$36.29 on Friday. Cenovus Energy has a 1 year low of C$15.75 and a 1 year high of C$38.50. The company has a debt-to-equity ratio of 53.80, a quick ratio of 1.00 and a current ratio of 1.57. The stock’s 50 day moving average price is C$32.41 and its 200 day moving average price is C$27.19. The firm has a market cap of C$68.21 billion, a P/E ratio of 16.88, a PEG ratio of 0.09 and a beta of 0.07.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its earnings results on Thursday, February 19th. The company reported C$0.50 earnings per share (EPS) for the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%.The firm had revenue of C$10.88 billion for the quarter. On average, sell-side analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 31st were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, March 13th. Cenovus Energy’s dividend payout ratio (DPR) is 36.28%.

Insider Buying and Selling at Cenovus Energy

In related news, insider John F. Soini sold 10,275 shares of the stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total value of C$360,960.75. Following the transaction, the insider directly owned 2,114 shares of the company’s stock, valued at approximately C$74,264.82. This trade represents a 82.94% decrease in their position. Company 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.