Cenovus Energy (TSE:CVE) Price Target Raised to C$55.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective raised by ATB Cormark Capital Markets from C$49.00 to C$55.00 in a research note published on Thursday,BayStreet reports. ATB Cormark Capital Markets currently has an outperform rating on the stock.

Several other equities research analysts have also recently commented on CVE. Canadian Imperial Bank of Commerce boosted their price target on Cenovus Energy from C$48.00 to C$52.00 in a research note on Thursday, August 27th. Scotiabank increased their price objective on Cenovus Energy from C$49.00 to C$51.00 and gave the stock a “sector outperform” rating in a report on Thursday, July 30th. Royal Bank Of Canada raised their price objective on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Desjardins raised their price objective on shares of Cenovus Energy from C$52.00 to C$53.00 and gave the company a “buy” rating in a research report on Tuesday, October 20th. Finally, Raymond James Financial lifted their target price on shares of Cenovus Energy from C$51.00 to C$53.00 and gave the company an “outperform” rating in a research note on Tuesday, October 6th. 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 stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of C$46.75.

Cenovus Energy Stock Performance

Shares of TSE CVE opened at C$45.98 on Thursday. The business’s 50-day moving average price is C$45.13 and its two-hundred day moving average price is C$40.88. The company has a debt-to-equity ratio of 34.01, a current ratio of 1.63 and a quick ratio of 1.00. Cenovus Energy has a one year low of C$21.62 and a one year high of C$47.46. The company has a market capitalization of C$84.80 billion, a P/E ratio of 12.77, a price-to-earnings-growth ratio of 0.09 and a beta of 0.28.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. The company had revenue of C$17.43 billion for the quarter. Analysts anticipate that Cenovus Energy will post 2.26 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Tuesday, September 15th. Cenovus Energy’s dividend payout ratio is presently 22.78%.

Insiders Place Their Bets

In other Cenovus Energy news, insider Jonathan Michael Mckenzie sold 104,974 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the transaction, the insider directly owned 843,824 shares in the company, valued at C$36,697,905.76. This trade represents a 11.06% decrease in their ownership of the stock. Also, Director Alex Pourbaix sold 432,731 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of C$42.05, for a total value of C$18,196,338.55. Following the completion of the sale, the director directly owned 1,455,996 shares of the company’s stock, valued at C$61,224,631.80. This represents a 22.91% decrease in their position. Insiders have sold 601,524 shares of company stock valued at $25,546,211 over the last three months. 32.03% of the stock is currently 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.