Cenovus Energy (TSE:CVE) Shares Up 2.6% – What’s Next?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s stock price traded up 2.6% on Thursday . The company traded as high as C$16.64 and last traded at C$16.58. 613,083 shares were traded during trading, a decline of 90% from the average session volume of 6,054,494 shares. The stock had previously closed at C$16.16.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. JPMorgan Chase & Co. decreased their target price on Cenovus Energy from C$34.00 to C$32.00 and set an “overweight” rating on the stock in a report on Friday, April 11th. Jefferies Financial Group decreased their target price on Cenovus Energy from C$32.00 to C$30.00 in a research note on Thursday, January 30th. Scotiabank raised Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Desjardins cut their target price on shares of Cenovus Energy from C$24.50 to C$22.50 and set a “buy” rating for the company in a research report on Tuesday. Finally, TD Securities decreased their target price on shares of Cenovus Energy from C$29.00 to C$28.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of C$28.35.

Cenovus Energy Price Performance

The company has a fifty day moving average of C$19.13 and a 200-day moving average of C$21.11. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The stock has a market cap of C$30.77 billion, a PE ratio of 8.33, a P/E/G ratio of 0.09 and a beta of 2.63.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 31st were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 4.26%. The ex-dividend date was Friday, March 14th. Cenovus Energy’s payout ratio is 35.49%.

Insiders Place Their Bets

In other Cenovus Energy news, Senior Officer John F. Soini purchased 5,880 shares of the firm’s stock in a transaction that occurred on Wednesday, April 9th. The stock was purchased at an average cost of C$16.89 per share, with a total value of C$99,313.20. Also, Senior Officer Karamjit Singh Sandhar purchased 5,000 shares of Cenovus Energy stock in a transaction that occurred on Wednesday, February 26th. The stock was acquired at an average cost of C$20.05 per share, with a total value of C$100,250.00. Over the last three months, insiders have purchased 31,934 shares of company stock worth $619,586. 32.03% of the stock is owned by company insiders.

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.