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

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has earned an average rating of “Moderate Buy” from the nine brokerages that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is C$29.89.

A number of equities research analysts have issued reports on the stock. National Bankshares cut shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from C$28.00 to C$25.00 in a report on Friday, February 21st. Royal Bank of Canada decreased their price objective on Cenovus Energy from C$28.00 to C$26.00 in a research note on Tuesday, January 14th. National Bank Financial cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 20th. BMO Capital Markets reduced their target price on Cenovus Energy from C$28.00 to C$25.00 in a report on Friday, December 13th. Finally, Jefferies Financial Group lowered their price target on shares of Cenovus Energy from C$32.00 to C$30.00 in a report on Thursday, January 30th.

Cenovus Energy Stock Performance

TSE CVE opened at C$18.85 on Friday. The firm has a market cap of C$34.34 billion, a P/E ratio of 9.29, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. The company’s 50 day moving average is C$20.89 and its 200-day moving average is C$22.06. Cenovus Energy has a 12-month low of C$17.42 and a 12-month high of C$29.96.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 31st will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date is Friday, March 14th. Cenovus Energy’s dividend payout ratio is currently 35.49%.

Insider Buying and Selling at Cenovus Energy

In other news, Senior Officer Jeffery George Lawson purchased 5,000 shares of the company’s stock in a transaction on Friday, December 27th. The stock was purchased at an average price of C$21.17 per share, with a total value of C$105,832.00. Also, Senior Officer Karamjit Singh Sandhar bought 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average price of C$17.97 per share, with a total value of C$107,808.00. Insiders purchased a total of 27,450 shares of company stock worth $556,734 over the last three months. 32.03% of the stock is owned by insiders.

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.