Cenovus Energy Inc. (CVE.TO) – What Are Investment Firms Thinking About This Stock?

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have been assigned an average recommendation of “Buy” from the fifteen ratings firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is C$46.75.

Several research firms have recently weighed in on CVE. ATB Cormark Capital Markets upped their price target on shares of Cenovus Energy from C$49.00 to C$55.00 and gave the stock an “outperform” rating in a report on Thursday, October 22nd. Scotiabank lifted their price objective on Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a research note on Thursday, July 30th. National Bank Financial boosted their target price on Cenovus Energy from C$57.00 to C$58.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 20th. TD upped their target price on Cenovus Energy from C$49.00 to C$50.00 and gave the stock a “buy” rating in a research note on Tuesday, October 13th. 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 Buying and Selling

In other Cenovus Energy news, insider John F. Soini sold 26,223 shares of Cenovus Energy stock in a transaction that occurred on 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 completion of the sale, the insider directly owned 2,114 shares in the company, valued at C$94,960.88. The trade was a 92.54% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 104,974 shares of Cenovus Energy stock in a transaction that occurred on 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 sale, the insider owned 843,824 shares of the company’s stock, valued at approximately C$36,697,905.76. The trade was a 11.06% decrease in their ownership of the stock. Over the last three months, insiders have sold 601,524 shares of company stock worth $25,546,211. Insiders own 32.03% of the company’s stock.

Cenovus Energy Stock Performance

Cenovus Energy stock opened at C$43.03 on Wednesday. Cenovus Energy has a 1-year low of C$21.62 and a 1-year high of C$47.46. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01. The firm has a market capitalization of C$79.36 billion, a PE ratio of 11.95, a price-to-earnings-growth ratio of 0.09 and a beta of 0.16. The firm’s 50 day simple moving average is C$45.11 and its 200 day simple moving average is C$38.25.

Cenovus Energy Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.88 annualized dividend and a dividend yield of 2.0%. Cenovus Energy’s 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.