Analysts Set Cenovus Energy Inc. (TSE:CVE) Target Price at C$28.95

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has been given a consensus rating of “Buy” by the twelve research firms that are presently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is C$28.95.

A number of equities analysts have commented on CVE shares. JPMorgan Chase & Co. downgraded shares of Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price objective for the company. in a report on Tuesday, January 20th. Morgan Stanley decreased their price target on shares of Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd. Raymond James Financial raised shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the company from C$30.00 to C$32.00 in a research report on Thursday, October 9th. Royal Bank Of Canada cut their target price on shares of Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating on the stock in a report on Tuesday, January 13th. Finally, Scotiabank lifted their target price on Cenovus Energy from C$29.00 to C$30.00 and gave the company a “hold” rating in a research note on Tuesday, January 20th.

Cenovus Energy Stock Up 1.6%

Shares of Cenovus Energy stock opened at C$26.88 on Monday. The business has a 50-day moving average price of C$24.28 and a 200 day moving average price of C$23.29. Cenovus Energy has a fifty-two week low of C$14.48 and a fifty-two week high of C$26.96. The firm has a market cap of C$50.71 billion, a P/E ratio of 15.54, a P/E/G ratio of 0.09 and a beta of 0.50. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its earnings results on Friday, October 31st. The company reported C$0.72 EPS for the quarter. Cenovus Energy had a return on equity of 12.67% and a net margin of 6.72%.The company had revenue of C$13.20 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 31st were given a dividend of $0.20 per share. The ex-dividend date was Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a yield of 3.0%. Cenovus Energy’s payout ratio is currently 43.93%.

Insiders Place Their Bets

In related news, Director Michael John Crothers bought 2,000 shares of the business’s stock in a transaction on Monday, December 15th. The shares were bought at an average cost of C$24.23 per share, for a total transaction of C$48,460.00. Following the completion of the purchase, the director owned 8,000 shares of the company’s stock, valued at C$193,840. This represents a 33.33% increase in their position. 32.03% of the stock is owned by corporate insiders.

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.