Cenovus Energy (TSE:CVE) Price Target Raised to C$35.00 at CIBC

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price boosted by CIBC from C$31.00 to C$35.00 in a report published on Monday, BayStreet.CA reports. They currently have an outperform rating on the stock.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. reduced their target price on shares of Cenovus Energy from C$35.00 to C$34.00 in a research note on Thursday, January 11th. Scotiabank reduced their target price on shares of Cenovus Energy from C$31.00 to C$28.00 and set an outperform rating for the company in a research note on Tuesday, January 16th. Desjardins raised their target price on shares of Cenovus Energy from C$28.00 to C$29.50 and gave the stock a buy rating in a research note on Friday, March 22nd. Jefferies Financial Group raised their target price on shares of Cenovus Energy from C$28.00 to C$36.00 and gave the stock a buy rating in a research note on Friday, April 12th. Finally, Royal Bank of Canada raised their target price on shares of Cenovus Energy from C$28.00 to C$32.00 in a research note on Tuesday, April 9th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of C$33.35.

Cenovus Energy Stock Performance

TSE:CVE opened at C$29.09 on Monday. The company’s 50-day moving average is C$26.28 and its two-hundred day moving average is C$24.49. The company has a debt-to-equity ratio of 34.64, a current ratio of 1.56 and a quick ratio of 1.00. Cenovus Energy has a 1-year low of C$19.82 and a 1-year high of C$29.96. The firm has a market capitalization of C$54.40 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 0.09 and a beta of 2.78.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its earnings results on Thursday, February 15th. The company reported C$0.39 earnings per share for the quarter, topping the consensus estimate of C$0.33 by C$0.06. Cenovus Energy had a net margin of 7.87% and a return on equity of 14.60%. The firm had revenue of C$13.13 billion for the quarter, compared to the consensus estimate of C$13.06 billion. During the same period in the prior year, the firm earned $0.39 EPS. Analysts forecast that Cenovus Energy will post 2.6887232 EPS for the current year.

Cenovus Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 28th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.93%. The ex-dividend date was Thursday, March 14th. Cenovus Energy’s payout ratio is currently 26.42%.

Insider Buying and Selling

In other Cenovus Energy news, Senior Officer Jonathan Michael Mckenzie purchased 50,000 shares of the business’s stock in a transaction on Friday, February 16th. The stock was bought at an average cost of C$23.49 per share, with a total value of C$1,174,500.00. In other Cenovus Energy news, Senior Officer Andrew Dahlin sold 20,000 shares of the business’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of C$27.08, for a total transaction of C$541,682.00. Also, Senior Officer Jonathan Michael Mckenzie acquired 50,000 shares of the business’s stock in a transaction on Friday, February 16th. The shares were bought at an average price of C$23.49 per share, for a total transaction of C$1,174,500.00. Insiders sold 87,000 shares of company stock valued at $2,414,507 over the last 90 days. 31.50% of the stock is currently owned by company insiders.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.