Cenovus Energy Inc. (TSE:CVE) Given Consensus Recommendation of “Buy” by Analysts

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have earned a consensus recommendation of “Buy” from the fifteen research firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation, eleven have issued a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is C$41.47.

A number of research analysts have recently commented on CVE shares. Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and boosted their target price for the stock from C$41.00 to C$42.00 in a research report on Wednesday, May 6th. Desjardins set a C$50.00 price target on shares of Cenovus Energy and gave the company a “buy” rating in a report on Friday, July 17th. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, June 26th. UBS Group boosted their price objective on shares of Cenovus Energy from C$36.00 to C$41.00 in a report on Thursday, April 9th. Finally, Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from C$42.00 to C$46.00 in a report on Monday, June 29th.

Cenovus Energy Stock Performance

Shares of TSE:CVE opened at C$41.30 on Monday. The business’s 50-day simple moving average is C$38.45 and its 200 day simple moving average is C$34.26. The company has a market cap of C$77.02 billion, a P/E ratio of 16.45, a PEG ratio of 0.09 and a beta of 0.17. The company has a debt-to-equity ratio of 42.29, a quick ratio of 1.00 and a current ratio of 1.57. Cenovus Energy has a one year low of C$19.60 and a one year high of C$44.13.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings results on Wednesday, May 6th. The company reported C$0.84 earnings per share for the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%.The firm had revenue of C$12.36 billion during the quarter. On average, sell-side analysts forecast that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.1%. Cenovus Energy’s dividend payout ratio is presently 31.87%.

Insider Activity

In related news, insider Susan Mary Anderson-Olney sold 37,072 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of C$39.85, for a total value of C$1,477,319.20. Following the completion of the transaction, the insider owned 33,275 shares of the company’s stock, valued at approximately C$1,326,008.75. This represents a 52.70% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the completion of the transaction, the insider directly owned 1,143,824 shares of the company’s stock, valued at C$45,192,486.24. This represents a 5.72% decrease in their position. In the last quarter, insiders sold 225,897 shares of company stock worth $8,990,614. Insiders own 32.03% of the company’s stock.

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.