Royal Bank Of Canada Issues Positive Forecast for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price raised by Royal Bank Of Canada from C$42.00 to C$45.00 in a research note issued to investors on Thursday morning,BayStreet.CA reports. They currently have an outperform rating on the stock.

A number of other analysts have also recently commented on CVE. National Bank Financial boosted their target price on shares of Cenovus Energy from C$30.00 to C$57.00 and gave the company an “outperform” rating in a report on Tuesday, March 31st. ATB Cormark Capital Markets boosted their target price on shares of Cenovus Energy from C$29.00 to C$34.00 in a report on Monday, February 23rd. TD Securities lifted their price target on Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Scotiabank lifted their price target on Cenovus Energy from C$30.00 to C$34.00 and gave the stock an “outperform” rating in a research report on Friday, February 20th. Finally, TD lifted their price target on Cenovus Energy from C$35.00 to C$45.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of C$39.64.

Cenovus Energy Stock Performance

Shares of CVE stock opened at C$38.84 on Thursday. Cenovus Energy has a 12 month low of C$16.61 and a 12 month high of C$42.01. The stock has a market cap of C$73.00 billion, a PE ratio of 18.07, a price-to-earnings-growth ratio of 0.09 and a beta of 0.23. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29. The company’s fifty day moving average price is C$34.79 and its 200-day moving average price is C$28.62.

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. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. The firm had revenue of C$12.36 billion for the quarter. On average, equities analysts expect that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 31st were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, March 13th. Cenovus Energy’s payout ratio is currently 36.28%.

Insider Activity

In other news, insider John F. Soini sold 10,275 shares of Cenovus Energy stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total value of C$360,960.75. Following the completion of the transaction, the insider owned 2,114 shares of the company’s stock, valued at C$74,264.82. The trade was a 82.94% decrease in their position. 32.03% of the stock is currently owned by corporate insiders.

More Cenovus Energy News

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

• Positive Sentiment: Royal Bank of Canada raised its price target to C$45.00 and upgraded Cenovus to “outperform” (about a mid?teens upside vs. the recent price), signaling increased analyst conviction. BayStreet: RBC raise
• Positive Sentiment: Scotia lifted its target to C$44.00 and set a “sector outperform” rating, another bullish read on near?term upside from analysts. BayStreet: Scotia raise
• Positive Sentiment: Q1 results beat estimates: Cenovus reported stronger profit on record production and higher oil prices (C$0.84 EPS; C$12.36B revenue), supporting its cash flow and dividend outlook. Investing.com: Q1 beat
• Neutral Sentiment: Post?earnings coverage includes a valuation check and integration update on the MEG acquisition — useful context for medium?term investors but not an immediate catalyst. Yahoo: Valuation check
• Neutral Sentiment: Market summaries reiterate the quarter’s key metrics (EPS C$0.84, net margin ~7.9%, ROE ~13.2%), confirming fundamentals but duplicating the earnings message. MarketBeat: Earnings summary
• Negative Sentiment: Raymond James downgraded Cenovus from “strong?buy” to “moderate buy” despite a slight raise in target to C$42.00 — the downgrade may temper momentum and contributed to intraday selling. BayStreet: Raymond James downgrade Zacks: Raymond James note

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.