Cenovus Energy (TSE:CVE) Price Target Raised to C$46.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target increased by TD from C$45.00 to C$46.00 in a research report released on Wednesday,BayStreet.CA reports. They currently have a buy rating on the stock.

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. cut their price target on Cenovus Energy from C$47.00 to C$45.00 in a research note on Thursday, July 9th. Raymond James Financial downgraded Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and boosted their price objective for the company from C$41.00 to C$42.00 in a research report on Wednesday, May 6th. Gerdes Energy Research upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and boosted their price objective for the company from C$42.00 to C$46.00 in a research report on Monday, June 29th. UBS Group upped their price objective on Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. Finally, Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a research report on Friday, June 26th. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of C$41.47.

Cenovus Energy Trading Down 1.4%

Cenovus Energy stock opened at C$41.30 on Wednesday. Cenovus Energy has a 12-month low of C$19.60 and a 12-month high of C$44.13. The firm has a market capitalization of C$77.02 billion, a price-to-earnings ratio of 16.45, a P/E/G ratio of 0.09 and a beta of 0.17. The firm has a 50 day moving average of C$38.45 and a 200 day moving average of C$34.26. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings results on Wednesday, May 6th. The company reported C$0.84 earnings per share for the quarter. The business had revenue of C$12.36 billion for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. As a group, research analysts predict that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a yield of 2.1%. Cenovus Energy’s dividend payout ratio is 31.87%.

Insiders Place Their Bets

In other Cenovus Energy news, insider Jonathan Michael Mckenzie sold 69,387 shares of the stock in a transaction dated Wednesday, May 27th. The shares were 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 C$45,192,486.24. This represents a 5.72% decrease in their position. Also, insider Susan Mary Anderson-Olney sold 19,379 shares of the firm’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of C$41.84, for a total value of C$810,817.36. Following the transaction, the insider owned 33,275 shares of the company’s stock, valued at approximately C$1,392,226. The trade was a 36.80% decrease in their position. Over the last quarter, insiders sold 225,897 shares of company stock worth $8,990,614. 32.03% of the stock is currently owned by 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.