Cenovus Energy (TSE:CVE) Price Target Raised to C$53.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target upped by Raymond James Financial from C$51.00 to C$53.00 in a report issued on Tuesday,BayStreet reports. Raymond James Financial currently has an outperform rating on the stock.

Other research analysts have also issued research reports about the company. TD increased their price target on Cenovus Energy from C$46.00 to C$49.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from C$51.00 to C$58.00 in a research report on Tuesday, September 8th. Desjardins set a C$50.00 target price on Cenovus Energy and gave the company a “buy” rating in a research note on Friday, July 17th. National Bank Financial reduced their target price on Cenovus Energy from C$60.00 to C$57.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Canadian Imperial Bank of Commerce raised their price target on Cenovus Energy from C$48.00 to C$52.00 in a research note on Thursday, August 27th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Cenovus Energy presently has a consensus rating of “Buy” and a consensus target price of C$46.06.

Cenovus Energy Stock Performance

TSE:CVE opened at C$44.77 on Tuesday. The firm has a 50 day simple moving average of C$44.09 and a 200-day simple moving average of C$40.16. The company has a debt-to-equity ratio of 34.01, a current ratio of 1.63 and a quick ratio of 1.00. The firm has a market cap of C$82.57 billion, a PE ratio of 12.44, a P/E/G ratio of 0.09 and a beta of 0.28. Cenovus Energy has a 1-year low of C$21.62 and a 1-year high of C$47.45.

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

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.88 annualized dividend and a dividend yield of 2.0%. Cenovus Energy’s payout ratio is currently 22.78%.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, Director Alex Pourbaix sold 30,186 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of C$42.17, for a total transaction of C$1,272,943.62. Following the completion of the sale, the director owned 1,455,996 shares of the company’s stock, valued at approximately C$61,399,351.32. The trade was a 2.03% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 104,974 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of C$43.49, for a total value of C$4,565,319.26. Following the sale, the insider owned 843,824 shares of the company’s stock, valued at C$36,697,905.76. This represents a 11.06% decrease in their ownership of the stock. Insiders sold a total of 601,524 shares of company stock worth $25,546,211 in the last ninety days. 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.