Desjardins Analysts Give Cenovus Energy (TSE:CVE) a C$50.00 Price Target

Desjardins set a C$50.00 target price on Cenovus Energy (TSE:CVE) (NYSE:CVE) in a research report released on Friday morning,BayStreet.CA reports. The brokerage currently has a buy rating on the stock.

Several other brokerages also recently issued reports on CVE. National Bank Financial lifted their price objective on Cenovus Energy from C$30.00 to C$57.00 and gave the company an “outperform” rating in a research report on Tuesday, March 31st. Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a report on Friday, June 26th. JPMorgan Chase & Co. lowered their target price on Cenovus Energy from C$47.00 to C$45.00 in a research note on Thursday, July 9th. Raymond James Financial lowered Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and raised their target price for the company from C$41.00 to C$42.00 in a research note on Wednesday, May 6th. Finally, TD lifted their price target on Cenovus Energy from C$35.00 to C$45.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Cenovus Energy presently has a consensus rating of “Buy” and an average price target of C$41.40.

Cenovus Energy Stock Performance

TSE CVE opened at C$39.20 on Friday. The firm has a market cap of C$73.10 billion, a price-to-earnings ratio of 15.62, a PEG ratio of 0.09 and a beta of 0.17. The company has a 50 day moving average of C$38.47 and a 200-day moving average of C$33.72. 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 has a 1-year low of C$19.05 and a 1-year high of C$44.13.

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

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were issued a $0.22 dividend. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, June 15th. Cenovus Energy’s dividend payout ratio (DPR) is 31.87%.

Insider Activity at Cenovus Energy

In other Cenovus Energy news, insider Jonathan Michael Mckenzie sold 69,387 shares of the stock in a transaction on 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. This trade represents a 5.72% decrease in their position. Also, insider Susan Mary Anderson-Olney sold 37,072 shares of Cenovus Energy stock in a transaction on Monday, May 11th. The shares were sold at an average price of C$39.85, for a total value of C$1,477,319.20. Following the completion of the sale, the insider directly owned 33,275 shares of the company’s stock, valued at C$1,326,008.75. This trade represents a 52.70% decrease in their ownership of the stock. Insiders sold a total of 225,897 shares of company stock valued at $8,990,614 in the last 90 days. 32.03% of the stock is currently owned by corporate 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.