Cenovus Energy Inc. (TSE:CVE) Given Average Recommendation of “Buy” by Analysts

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have received a consensus recommendation of “Buy” from the thirteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and three have given a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is C$32.67.

A number of brokerages have weighed in on CVE. BMO Capital Markets cut their price objective on shares of Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating on the stock in a report on Friday, February 20th. Desjardins boosted their price target on Cenovus Energy from C$33.00 to C$36.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Morgan Stanley reduced their price objective on Cenovus Energy from C$31.00 to C$29.00 in a research report on Friday, January 23rd. The Goldman Sachs Group raised Cenovus Energy to a “strong-buy” rating in a report on Friday, January 2nd. Finally, Raymond James Financial raised their price target on Cenovus Energy from C$30.00 to C$33.00 and gave the company a “strong-buy” rating in a report on Friday, February 20th.

Cenovus Energy Price Performance

CVE opened at C$34.00 on Tuesday. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 53.80. The company has a market cap of C$63.89 billion, a price-to-earnings ratio of 15.81, a price-to-earnings-growth ratio of 0.09 and a beta of 0.63. The stock has a fifty day simple moving average of C$29.22 and a two-hundred day simple moving average of C$25.83. Cenovus Energy has a 12-month low of C$14.48 and a 12-month high of C$34.84.

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

Cenovus Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 31st will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, March 13th. Cenovus Energy’s dividend payout ratio is 36.28%.

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.