Cenovus Energy (TSE:CVE) Price Target Raised to C$51.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target hoisted by Royal Bank Of Canada from C$47.00 to C$51.00 in a research note issued to investors on Thursday morning,BayStreet.CA reports. Royal Bank Of Canada currently has an outperform rating on the stock.

A number of other research analysts have also recently issued reports on the company. UBS Group boosted their target price on Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. TD raised their price target on Cenovus Energy from C$45.00 to C$46.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Desjardins set a C$50.00 price objective on Cenovus Energy and gave the company a “buy” rating in a report on Friday, July 17th. Scotia boosted their price objective on Cenovus Energy from C$38.00 to C$44.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 7th. Finally, Raymond James Financial increased their target price on Cenovus Energy from C$41.00 to C$46.00 and gave the stock an “outperform” rating in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of C$43.73.

Cenovus Energy Price Performance

Shares of CVE stock opened at C$42.27 on Thursday. Cenovus Energy has a 12-month low of C$19.97 and a 12-month high of C$44.13. The firm has a market capitalization of C$77.96 billion, a price-to-earnings ratio of 11.74, a price-to-earnings-growth ratio of 0.09 and a beta of 0.17. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 34.01. The firm has a fifty day moving average of C$38.31 and a 200-day moving average of C$34.90.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. The business had revenue of C$17.43 billion during the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. On average, equities research analysts forecast that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Monday, June 15th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio (DPR) is currently 22.78%.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, insider Susan Mary Anderson-Olney sold 37,072 shares of Cenovus Energy 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 sale, the insider owned 33,275 shares of the company’s stock, valued at C$1,326,008.75. This trade represents a 52.70% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of Cenovus Energy 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 sale, the insider directly owned 1,143,824 shares in the company, valued at C$45,192,486.24. This represents a 5.72% decrease in their position. In the last quarter, insiders have sold 225,897 shares of company stock valued at $8,990,614. Corporate insiders own 32.03% of the company’s stock.

Key Headlines Impacting Cenovus Energy

Here are the key news stories impacting Cenovus Energy this week:

• Positive Sentiment: Raymond James lifted its price target from C$41 to C$46 and maintained an “outperform” rating, implying approximately 8.3% potential upside from the referenced C$42.48 price. BayStreet.CA analyst ratings
• Positive Sentiment: Royal Bank of Canada raised its target from C$47 to C$51 and retained an “outperform” rating, indicating roughly 20.1% potential upside. BayStreet.CA analyst ratings
• Positive Sentiment: Scotiabank increased its target from C$49 to C$51 and kept a “sector outperform” rating, also pointing to approximately 20.1% potential upside. BayStreet.CA analyst ratings
• Positive Sentiment: TD raised its target from C$46 to C$49 and assigned a “buy” rating, representing about 15.3% potential upside. Tickerreport.com analyst ratings
• Positive Sentiment: JPMorgan increased its price target from C$45 to C$51, implying approximately 20.1% upside and reinforcing the bullish analyst consensus. BayStreet.CA analyst ratings

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.