Cenovus Energy (TSE:CVE) Price Target Raised to C$49.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective hoisted by TD from C$46.00 to C$49.00 in a research note released on Thursday,BayStreet.CA reports. TD currently has a buy rating on the stock.

A number of other brokerages have also recently weighed in on CVE. Scotiabank boosted their price target on Cenovus Energy from C$49.00 to C$51.00 and gave the stock a “sector outperform” rating in a research report on Thursday. Raymond James Financial increased their price objective on Cenovus Energy from C$41.00 to C$46.00 and gave the company an “outperform” rating in a report on Thursday. Desjardins set a C$50.00 price objective on Cenovus Energy and gave the company a “buy” rating in a research note on Friday, July 17th. Gerdes Energy Research upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and boosted their target price for the stock from C$42.00 to C$46.00 in a report on Monday, June 29th. Finally, UBS Group upped their target price on Cenovus Energy from C$36.00 to C$41.00 in a research report on Thursday, April 9th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Cenovus Energy currently has a consensus rating of “Buy” and an average target price of C$43.73.

Cenovus Energy Stock Down 0.5%

CVE stock opened at C$42.27 on Thursday. The firm has a market cap of C$77.96 billion, a PE ratio of 11.74, a PEG ratio of 0.09 and a beta of 0.17. Cenovus Energy has a 1 year low of C$19.97 and a 1 year high of C$44.13. The company has a fifty day simple moving average of C$38.31 and a 200 day simple moving average of C$34.90. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. The firm had revenue of C$17.43 billion for the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. Sell-side analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio (DPR) is presently 22.78%.

Insider Transactions at Cenovus Energy

In other news, insider Jonathan Michael Mckenzie sold 69,387 shares of Cenovus Energy stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the transaction, the insider directly owned 1,143,824 shares in the company, valued at approximately C$45,192,486.24. The trade was a 5.72% decrease in their ownership of the stock. Also, insider Susan Mary Anderson-Olney sold 19,379 shares of Cenovus Energy stock in a transaction dated Friday, May 15th. The stock was sold at an average price of C$41.84, for a total value of C$810,817.36. Following the completion of the transaction, the insider owned 33,275 shares in the company, valued at C$1,392,226. The trade was a 36.80% decrease in their ownership of the stock. Insiders have sold 225,897 shares of company stock valued at $8,990,614 over the last 90 days. Corporate insiders own 32.03% of the company’s stock.

Trending Headlines about Cenovus Energy

Here are the key news stories impacting Cenovus Energy this week:

• Positive Sentiment: Raymond James lifted its price target from C$41 to C$46 and maintained an “outperform” rating, implying approximately 8.3% potential upside from the referenced C$42.48 price. BayStreet.CA analyst ratings
• Positive Sentiment: Royal Bank of Canada raised its target from C$47 to C$51 and retained an “outperform” rating, indicating roughly 20.1% potential upside. BayStreet.CA analyst ratings
• Positive Sentiment: Scotiabank increased its target from C$49 to C$51 and kept a “sector outperform” rating, also pointing to approximately 20.1% potential upside. BayStreet.CA analyst ratings
• Positive Sentiment: TD raised its target from C$46 to C$49 and assigned a “buy” rating, representing about 15.3% potential upside. Tickerreport.com analyst ratings
• Positive Sentiment: JPMorgan increased its price target from C$45 to C$51, implying approximately 20.1% upside and reinforcing the bullish analyst consensus. BayStreet.CA analyst ratings

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.