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

by · The Cerbat Gem

Cenovus Energy (TSE:CVE – Free Report) (NYSE:CVE) had its price objective upped by Desjardins from C$52.00 to C$53.00 in a research report report published on Tuesday morning,BayStreet reports. Desjardins currently has a buy rating on the stock.

Other equities analysts have also issued research reports about the company. TD boosted their price objective on Cenovus Energy from C$49.00 to C$50.00 and gave the stock a “buy” rating in a research note on Tuesday, October 13th. National Bank Financial upped their target price on Cenovus Energy from C$57.00 to C$58.00 and gave the company an “outperform” rating in a report on Tuesday. UBS Group downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Gerdes Energy Research upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and lifted their price target for the stock from C$42.00 to C$46.00 in a report on Monday, June 29th. Finally, ATB Cormark Capital Markets boosted their price target on shares of Cenovus Energy from C$42.50 to C$49.00 and gave the company an “outperform” rating in a research report on Tuesday, October 6th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of C$46.75.

Read Our Latest Stock Report on CVE

Cenovus Energy Trading Down 3.6%

Shares of Cenovus Energy stock opened at C$44.88 on Tuesday. The stock has a market cap of C$82.77 billion, a P/E ratio of 12.47, a P/E/G ratio of 0.09 and a beta of 0.28. The stock’s 50 day simple moving average is C$45.08 and its 200-day simple moving average is C$40.85. Cenovus Energy has a 1-year low of C$21.62 and a 1-year high of C$47.46. 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 quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. The business had revenue of C$17.43 billion during the quarter. Analysts predict that Cenovus Energy will post 2.26 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

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

Insider Buying and Selling

In related news, Director Alex Pourbaix sold 432,731 shares of the stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 1,455,996 shares in the company, valued at approximately C$61,224,631.80. This represents a 22.91% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 104,974 shares of the firm’s stock in a transaction on 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 directly owned 843,824 shares of the company’s stock, valued at approximately C$36,697,905.76. This trade represents a 11.06% decrease in their position. Over the last three months, insiders sold 601,524 shares of company stock worth $25,546,211. Company 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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