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

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has earned an average recommendation of “Buy” from the fifteen research firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is C$46.06.

Several equities research analysts have issued reports on the company. TD increased their target price on Cenovus Energy from C$46.00 to C$49.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. ATB Cormark Capital Markets lifted their price target on Cenovus Energy from C$42.50 to C$49.00 and gave the company an “outperform” rating in a research report on Tuesday. Scotiabank boosted their price objective on Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a research note on Thursday, July 30th. Raymond James Financial increased their price objective on Cenovus Energy from C$51.00 to C$53.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Desjardins set a C$50.00 target price on Cenovus Energy and gave the stock a “buy” rating in a research note on Friday, July 17th.

Insider Activity

In related news, insider Jonathan Michael Mckenzie sold 104,974 shares of Cenovus Energy stock in a transaction on Friday, August 14th. The stock was sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the completion of the sale, the insider owned 843,824 shares of the company’s stock, valued at approximately C$36,697,905.76. This trade represents a 11.06% decrease in their ownership of the stock. Also, insider John F. Soini sold 26,223 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the completion of the transaction, the insider owned 2,114 shares in the company, valued at approximately C$94,960.88. This trade represents a 92.54% decrease in their ownership of the stock. Over the last ninety days, insiders sold 601,524 shares of company stock worth $25,546,211. 32.03% of the stock is owned by company insiders.

Cenovus Energy Price Performance

CVE opened at C$43.67 on Friday. The firm has a 50-day moving average price of C$44.04 and a 200-day moving average price of C$40.09. Cenovus Energy has a twelve month low of C$21.62 and a twelve month high of C$47.45. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 34.01. The company has a market capitalization of C$80.54 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 0.09 and a beta of 0.28.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. The company had revenue of C$17.43 billion for the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. Equities analysts expect that Cenovus Energy will post 2.2619279 EPS for the current year.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Tuesday, September 15th. Cenovus Energy’s dividend payout ratio is presently 22.78%.

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.