Cenovus Energy Inc. (TSE:CVE) Receives C$39.79 Average PT from Brokerages

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have been given a consensus recommendation of “Buy” by the fifteen brokerages that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is C$40.20.

Several equities research analysts have recently commented on CVE shares. National Bank Financial raised their target price on shares of Cenovus Energy from C$30.00 to C$57.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 31st. Jefferies Financial Group raised their target price on shares of Cenovus Energy from C$30.00 to C$37.00 in a research report on Monday, March 16th. UBS Group raised their target price on shares of Cenovus Energy from C$36.00 to C$41.00 in a research report on Thursday, April 9th. TD raised their target price on shares of Cenovus Energy from C$35.00 to C$45.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Finally, JPMorgan Chase & Co. raised their target price on shares of Cenovus Energy from C$25.00 to C$41.00 in a research report on Tuesday, April 14th.

Cenovus Energy Trading Up 1.1%

Shares of CVE opened at C$35.54 on Thursday. The stock has a market capitalization of C$66.28 billion, a P/E ratio of 14.16, a PEG ratio of 0.09 and a beta of 0.15. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 42.29. The firm has a fifty day simple moving average of C$38.57 and a two-hundred day simple moving average of C$32.39. Cenovus Energy has a twelve month low of C$18.45 and a twelve month high of C$44.13.

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

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio (DPR) is 31.87%.

Insider Activity

In related news, insider Susan Mary Anderson-Olney sold 37,072 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of C$39.85, for a total value of C$1,477,319.20. Following the completion of the transaction, the insider directly owned 33,275 shares in the company, valued at C$1,326,008.75. This trade represents a 52.70% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total transaction of C$2,741,480.37. Following the completion of the transaction, the insider owned 1,143,824 shares of the company’s stock, valued at approximately C$45,192,486.24. The trade was a 5.72% decrease in their ownership of the stock. Over the last quarter, insiders sold 225,897 shares of company stock valued at $8,990,614. 32.03% of the stock is owned by company 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.