Cenovus Energy (TSE:CVE) Price Target Raised to C$52.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price increased by Canadian Imperial Bank of Commerce from C$48.00 to C$52.00 in a research note published on Thursday,BayStreet.CA reports.

Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. increased their price objective on shares of Cenovus Energy from C$45.00 to C$51.00 in a research note on Thursday, July 30th. National Bank Financial set a C$60.00 target price on Cenovus Energy and gave the company an “outperform” rating in a research note on Tuesday, August 25th. Desjardins set a C$50.00 target price on Cenovus Energy and gave the company a “buy” rating in a report on Friday, July 17th. Royal Bank Of Canada increased their price target on Cenovus Energy from C$47.00 to C$51.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. Finally, Scotiabank raised their price target 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. Two 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. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of C$44.44.

Cenovus Energy Stock Down 0.1%

CVE stock opened at C$43.91 on Thursday. 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 1-year low of C$21.62 and a 1-year high of C$45.94. The firm has a fifty day moving average price of C$39.88 and a two-hundred day moving average price of C$37.24. The firm has a market cap of C$80.98 billion, a price-to-earnings ratio of 12.20, a PEG ratio of 0.09 and a beta of 0.16.

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 net margin of 12.37% and a return on equity of 21.02%. The company had revenue of C$17.43 billion for the quarter. Research analysts predict that Cenovus Energy will post 2.2619279 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed 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. 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 2.0%. The ex-dividend date was Monday, June 15th. Cenovus Energy’s dividend payout ratio (DPR) is presently 22.78%.

Insider Activity at Cenovus Energy

In related news, Director Alex Pourbaix sold 30,186 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of C$42.17, for a total value of C$1,272,943.62. Following the completion of the transaction, the director owned 1,455,996 shares in the company, valued at C$61,399,351.32. This represents a 2.03% decrease in their position. Also, insider John F. Soini sold 26,223 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the transaction, the insider directly owned 2,114 shares in the company, valued at approximately C$94,960.88. The trade was a 92.54% decrease in their position. Insiders have sold a total of 601,524 shares of company stock worth $25,546,211 over the last ninety 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.