Cenovus Energy Inc. (TSE:CVE) Stock Has Consensus Target Price of C$45.19

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has been given an average recommendation of “Buy” by the fifteen brokerages that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is C$46.06.

Several analysts have weighed in on the stock. Canadian Imperial Bank of Commerce upped their price objective on shares of Cenovus Energy from C$48.00 to C$52.00 in a research note on Thursday, August 27th. UBS Group downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 2nd. Scotiabank increased 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, July 30th. Gerdes Energy Research upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and increased their price target for the stock from C$42.00 to C$46.00 in a research report on Monday, June 29th. Finally, Royal Bank Of Canada raised their price target on Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a report on Thursday, July 30th.

Insider Activity

In related news, insider Jonathan Michael Mckenzie sold 104,974 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the transaction, the insider owned 843,824 shares in the company, valued at C$36,697,905.76. This represents a 11.06% decrease in their position. Also, insider John F. Soini sold 26,223 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the sale, the insider directly owned 2,114 shares in the company, valued at approximately C$94,960.88. This represents a 92.54% decrease in their position. Over the last ninety days, insiders sold 601,524 shares of company stock worth $25,546,211. 32.03% of the stock is owned by corporate insiders.

Cenovus Energy Stock Down 0.0%

CVE opened at C$44.75 on Friday. The firm’s 50-day simple moving average is C$44.14 and its 200-day simple moving average is C$40.19. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63. Cenovus Energy has a twelve month low of C$21.62 and a twelve month high of C$47.45. The firm has a market cap of C$82.53 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 0.09 and a beta of 0.28.

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

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Tuesday, September 15th. Cenovus Energy’s dividend payout ratio is presently 22.78%.

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.