Royal Bank Of Canada Cuts Cenovus Energy (TSE:CVE) Price Target to C$29.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective decreased by Royal Bank Of Canada from C$32.00 to C$29.00 in a report issued on Tuesday,BayStreet.CA reports. Royal Bank Of Canada currently has an outperform rating on the stock.

Several other brokerages have also recently weighed in on CVE. Desjardins lifted their price objective on Cenovus Energy from C$33.00 to C$33.50 and gave the company a “buy” rating in a report on Friday, December 12th. National Bankshares raised their price target on Cenovus Energy from C$28.00 to C$29.00 and gave the stock an “outperform” rating in a research report on Friday, January 9th. Scotiabank boosted their price target on Cenovus Energy from C$27.00 to C$29.00 and gave the company an “outperform” rating in a research note on Tuesday, October 14th. Raymond James Financial raised shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating and upped their price objective for the stock from C$30.00 to C$32.00 in a research report on Thursday, October 9th. Finally, The Goldman Sachs Group upgraded shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, January 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of C$29.41.

Cenovus Energy Stock Performance

TSE CVE opened at C$25.15 on Tuesday. The firm has a 50-day moving average price of C$24.22 and a two-hundred day moving average price of C$22.87. Cenovus Energy has a 12-month low of C$14.48 and a 12-month high of C$26.36. The company has a market capitalization of C$47.44 billion, a P/E ratio of 14.54, a P/E/G ratio of 0.09 and a beta of 0.50. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its earnings results on Friday, October 31st. The company reported C$0.72 EPS for the quarter. The company had revenue of C$13.20 billion for the quarter. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.67%. Analysts anticipate that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 31st were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.80 annualized dividend and a yield of 3.2%. Cenovus Energy’s dividend payout ratio (DPR) is 43.93%.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, Director Michael John Crothers bought 2,000 shares of the firm’s stock in a transaction on Monday, December 15th. The shares were purchased at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the completion of the transaction, the director directly owned 8,000 shares in the company, valued at approximately C$193,840. The trade was a 33.33% increase in their position. 32.03% of the stock is currently owned by corporate insiders.

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.