Cenovus Energy Inc. (TSE:CVE) Receives C$43.73 Average Price Target from Analysts

by · The Markets Daily

Shares of Cenovus Energy Inc. (TSE:CVE – Get Free Report) (NYSE:CVE) have earned a consensus rating of “Buy” from the fifteen analysts that are currently covering the company, MarketBeat Ratings reports. One equities 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 target price among brokers that have covered the stock in the last year is C$43.73.

Several research analysts have weighed in on the stock. Royal Bank Of Canada increased their price target on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Scotiabank boosted their price objective on Cenovus Energy from C$49.00 to C$51.00 and gave the stock a “sector outperform” rating in a report on Thursday, July 30th. Desjardins set a C$50.00 target price on Cenovus Energy and gave the company a “buy” rating in a research report on Friday, July 17th. TD increased their target price 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. Finally, Scotia lifted their price target on Cenovus Energy from C$38.00 to C$44.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th.

Read Our Latest Stock Report on Cenovus Energy

Cenovus Energy Price Performance

TSE:CVE opened at C$43.11 on Friday. The company has a market cap of C$79.51 billion, a P/E ratio of 11.97, a P/E/G ratio of 0.09 and a beta of 0.16. The firm’s fifty day moving average price is C$38.59 and its two-hundred day moving average price is C$36.10. Cenovus Energy has a one year low of C$20.47 and a one year high of C$44.13. The company has a debt-to-equity ratio of 34.01, a current ratio of 1.63 and a quick ratio of 1.00.

Cenovus Energy (TSE:CVE – Get Free Report) (NYSE:CVE) last posted its earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. The company 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%. Equities analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 2.0%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 15th. Cenovus Energy’s dividend payout ratio is currently 22.78%.

Insider Activity

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 shares were sold at an average price of C$42.17, for a total value 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 C$61,399,351.32. The trade was a 2.03% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total transaction of C$2,741,480.37. Following the transaction, the insider owned 1,143,824 shares in the company, valued at approximately C$45,192,486.24. The trade was a 5.72% decrease in their position. Insiders sold a total of 532,304 shares of company stock valued at $22,210,763 in the last quarter. Corporate insiders own 32.03% of the company’s stock.

Cenovus Energy Company Profile

(Get Free Report)

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.

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