Cenovus Energy Inc. (TSE:CVE) Receives Average Recommendation of “Buy” from Brokerages

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have earned an average recommendation of “Buy” from the fifteen research firms that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is C$39.79.

Several analysts have weighed in on the company. Royal Bank Of Canada lifted their target price on Cenovus Energy from C$45.00 to C$47.00 and gave the company an “outperform” rating in a research note on Tuesday, May 19th. Raymond James Financial downgraded Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and lifted their target price for the company from C$41.00 to C$42.00 in a research note on Wednesday, May 6th. BMO Capital Markets cut their target price on Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating on the stock in a research note on Friday, February 20th. UBS Group lifted their target price on Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. Finally, Desjardins lifted their target price on Cenovus Energy from C$33.00 to C$36.00 and gave the company a “buy” rating in a research note on Friday, February 20th.

Insider Transactions at Cenovus Energy

In other news, insider Jonathan Michael Mckenzie sold 69,387 shares of the business’s 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 sale, the insider owned 1,143,824 shares of the company’s stock, valued at approximately C$45,192,486.24. The trade was a 5.72% decrease in their position. Also, insider Susan Mary Anderson-Olney sold 19,379 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of C$41.84, for a total transaction of C$810,817.36. Following the completion of the sale, the insider directly owned 33,275 shares of the company’s stock, valued at C$1,392,226. The trade was a 36.80% decrease in their ownership of the stock. In the last 90 days, insiders have sold 236,172 shares of company stock valued at $9,351,575. Corporate insiders own 32.03% of the company’s stock.

Cenovus Energy Stock Up 0.9%

Shares of Cenovus Energy stock opened at C$41.35 on Friday. The business’s fifty day moving average price is C$38.27 and its two-hundred day moving average price is C$30.94. The company has a debt-to-equity ratio of 42.29, a current ratio of 1.57 and a quick ratio of 1.00. The company has a market capitalization of C$77.11 billion, a P/E ratio of 16.47, a PEG ratio of 0.09 and a beta of 0.15. Cenovus Energy has a 1-year low of C$17.78 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 earnings per share for the quarter. The firm 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%. As a group, research analysts forecast that Cenovus Energy will post 2.2619279 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio (DPR) is presently 31.87%.

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.