Brokerages Set Cenovus Energy Inc. (TSE:CVE) Target Price at C$41.40

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has been assigned a consensus recommendation of “Buy” from the fifteen brokerages that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation, eleven have given a buy recommendation and three have given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is C$41.47.

A number of equities research analysts have recently weighed in on the company. UBS Group lifted their target price on Cenovus Energy from C$36.00 to C$41.00 in a report on Thursday, April 9th. Raymond James Financial lowered shares of Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and raised their price target for the stock from C$41.00 to C$42.00 in a research report on Wednesday, May 6th. JPMorgan Chase & Co. dropped their price objective on shares of Cenovus Energy from C$47.00 to C$45.00 in a research note on Thursday, July 9th. Desjardins set a C$50.00 price objective on shares of Cenovus Energy and gave the company a “buy” rating in a report on Friday, July 17th. Finally, Scotia increased their target price on shares of Cenovus Energy from C$38.00 to C$44.00 and gave the stock a “sector outperform” rating in a research report on Thursday, May 7th.

Insider Activity at Cenovus Energy

In related news, insider Susan Mary Anderson-Olney sold 19,379 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of C$41.84, for a total transaction of C$810,817.36. Following the sale, the insider owned 33,275 shares of the company’s stock, valued at C$1,392,226. This represents a 36.80% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the transaction, the insider owned 1,143,824 shares in the company, valued at approximately C$45,192,486.24. This trade represents a 5.72% decrease in their position. Over the last quarter, insiders sold 225,897 shares of company stock valued at $8,990,614. 32.03% of the stock is currently owned by corporate insiders.

Cenovus Energy Stock Performance

TSE:CVE opened at C$41.30 on Monday. The stock has a market cap of C$77.02 billion, a P/E ratio of 16.45, a PEG ratio of 0.09 and a beta of 0.17. The stock has a 50 day simple moving average of C$38.45 and a 200 day simple moving average of C$34.34. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29. Cenovus Energy has a 1-year low of C$19.60 and a 1-year high of C$44.13.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings results on Wednesday, May 6th. The company reported C$0.84 earnings per share (EPS) for the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%.The business had revenue of C$12.36 billion during the quarter. Research analysts anticipate that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th were given a $0.22 dividend. The ex-dividend date was Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.1%. Cenovus Energy’s dividend payout ratio (DPR) is presently 31.87%.

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.