Cenovus Energy Inc. (CVE.TO) – What Are Investment Firms Saying About This Stock?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has earned a consensus recommendation of “Buy” from the fifteen analysts that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is C$46.75.

Several analysts have recently weighed in on the stock. Raymond James Financial raised their price objective on shares of Cenovus Energy from C$51.00 to C$53.00 and gave the stock an “outperform” rating in a report on Tuesday, October 6th. TD increased their target price on shares of Cenovus Energy from C$49.00 to C$50.00 and gave the company a “buy” rating in a research report on Tuesday, October 13th. JPMorgan Chase & Co. upgraded shares of Cenovus Energy from a “neutral” rating to an “overweight” rating and lifted their price target for the company from C$51.00 to C$58.00 in a report on Tuesday, September 8th. Scotiabank boosted their price target on Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a report on Thursday, July 30th. Finally, Canadian Imperial Bank of Commerce increased their price target on Cenovus Energy from C$48.00 to C$52.00 in a research report on Thursday, August 27th.

Insider Buying and Selling at Cenovus Energy

In other news, Director Alex Pourbaix sold 432,731 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of C$42.05, for a total value of C$18,196,338.55. Following the sale, the director directly owned 1,455,996 shares in the company, valued at C$61,224,631.80. The trade was a 22.91% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 104,974 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the sale, the insider directly owned 843,824 shares of the company’s stock, valued at C$36,697,905.76. This represents a 11.06% decrease in their position. Insiders have sold a total of 601,524 shares of company stock worth $25,546,211 over the last ninety days. Corporate insiders own 32.03% of the company’s stock.

Cenovus Energy Price Performance

CVE opened at C$45.78 on Wednesday. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63. The company has a market cap of C$84.43 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 0.09 and a beta of 0.28. The business’s fifty day moving average is C$45.19 and its two-hundred day moving average is C$38.07. Cenovus Energy has a one year low of C$21.62 and a one year high of C$47.46.

Cenovus Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is currently 22.78%.

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.