Cenovus Energy (TSE:CVE) Price Target Raised to C$28.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target lifted by ATB Capital from C$25.00 to C$28.00 in a report released on Monday,BayStreet.CA reports. ATB Capital currently has an outperform rating on the stock.

CVE has been the subject of several other research reports. TD Securities raised their price objective on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Jefferies Financial Group raised their target price on shares of Cenovus Energy from C$24.00 to C$25.00 in a report on Monday, August 18th. Veritas downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 14th. Royal Bank Of Canada raised their target price on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Finally, National Bankshares upgraded shares of Cenovus Energy from a “sector perform” rating to an “outperform” rating and raised their target price for the company from C$24.00 to C$28.00 in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of C$27.70.

Cenovus Energy Trading Up 1.1%

Shares of Cenovus Energy stock opened at C$23.38 on Monday. Cenovus Energy has a 1 year low of C$14.48 and a 1 year high of C$25.68. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The company has a market capitalization of C$42.59 billion, a P/E ratio of 11.52, a PEG ratio of 0.09 and a beta of 2.63. The company’s fifty day moving average is C$20.15 and its two-hundred day moving average is C$19.17.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 30th were given a $0.20 dividend. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Friday, June 13th. Cenovus Energy’s dividend payout ratio (DPR) is currently 35.49%.

Insider Buying and Selling at Cenovus Energy

In other news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of the stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of C$20.28, for a total value of C$13,886,994.98. Insiders sold 4,281,552 shares of company stock valued at $84,922,463 over the last three months. 32.03% of the stock is currently owned by corporate insiders.

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.