Cenovus Energy (TSE:CVE) Downgraded by Raymond James Financial to Moderate Buy

Raymond James Financial lowered shares of Cenovus Energy (TSE:CVE) (NYSE:CVE) from a strong-buy rating to a moderate buy rating in a research report report published on Wednesday,Zacks.com reports.

Several other brokerages also recently commented on CVE. Veritas upgraded shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, March 10th. Scotia set a C$38.00 price target on Cenovus Energy and gave the company a “sector outperform” rating in a report on Tuesday, April 21st. TD upped their price objective on Cenovus Energy from C$35.00 to C$45.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Morgan Stanley decreased their target price on Cenovus Energy from C$31.00 to C$29.00 in a research note on Friday, January 23rd. Finally, Royal Bank Of Canada boosted their price target on Cenovus Energy from C$32.00 to C$42.00 and gave the stock an “outperform” rating in a report on Wednesday, April 8th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Cenovus Energy has a consensus rating of “Buy” and an average price target of C$39.00.

Cenovus Energy Stock Down 4.9%

TSE CVE opened at C$39.49 on Wednesday. Cenovus Energy has a 52 week low of C$16.02 and a 52 week high of C$42.01. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 53.80. The company has a market capitalization of C$74.23 billion, a P/E ratio of 18.37, a price-to-earnings-growth ratio of 0.09 and a beta of 0.23. The stock’s 50-day moving average price is C$34.63 and its 200-day moving average price is C$28.51.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Wednesday, May 6th. The company reported C$0.84 earnings per share (EPS) for the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%.The company had revenue of C$12.36 billion during the quarter. On average, equities research analysts predict that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st were given a dividend of $0.20 per share. The ex-dividend date was Friday, March 13th. This represents a $0.80 dividend on an annualized basis and a yield of 2.0%. Cenovus Energy’s dividend payout ratio is 36.28%.

Insider Activity

In other news, insider John F. Soini sold 10,275 shares of Cenovus Energy stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total value of C$360,960.75. Following the completion of the transaction, the insider owned 2,114 shares in the company, valued at approximately C$74,264.82. The trade was a 82.94% decrease in their position. 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.