Cenovus Energy (TSE:CVE) Price Target Raised to C$30.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target upped by Scotiabank from C$29.00 to C$30.00 in a report released on Tuesday morning, Marketbeat reports. The brokerage currently has a hold rating on the stock.

Other research analysts also recently issued research reports about the company. Raymond James Financial upgraded Cenovus Energy from an “outperform” rating to a “strong-buy” rating and lifted their price target for the company from C$30.00 to C$32.00 in a report on Thursday, October 9th. Royal Bank Of Canada decreased their price objective on Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating for the company in a research report on Tuesday, January 13th. JPMorgan Chase & Co. downgraded Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 target price on the stock. in a report on Tuesday. Morgan Stanley increased their price target on shares of Cenovus Energy from C$26.00 to C$31.00 in a research report on Thursday, November 20th. Finally, Desjardins raised their price target on shares of Cenovus Energy from C$33.00 to C$33.50 and gave the stock a “buy” rating in a report on Friday, December 12th. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of C$29.14.

Cenovus Energy Stock Performance

Cenovus Energy stock opened at C$25.41 on Tuesday. Cenovus Energy has a fifty-two week low of C$14.48 and a fifty-two week high of C$26.36. The firm’s 50 day simple moving average is C$24.22 and its 200-day simple moving average is C$23.08. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The company has a market cap of C$47.93 billion, a P/E ratio of 14.69, a price-to-earnings-growth ratio of 0.09 and a beta of 0.50.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings data on Friday, October 31st. The company reported C$0.72 EPS for the quarter. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.67%. The firm had revenue of C$13.20 billion during the quarter. As a group, equities research analysts predict that Cenovus Energy will post 2.2619279 EPS for the current year.

Cenovus Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 31st were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.1%. The ex-dividend date was Monday, December 15th. Cenovus Energy’s dividend payout ratio (DPR) is 43.93%.

Insider Buying and Selling at Cenovus Energy

In related news, Director Michael John Crothers purchased 2,000 shares of the firm’s stock in a transaction dated Monday, December 15th. The stock was bought at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the purchase, the director owned 8,000 shares in the company, valued at C$193,840. The trade was a 33.33% increase in their position. 32.03% of the stock is 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.