Cenovus Energy (TSE:CVE) Price Target Raised to C$34.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price lifted by National Bankshares from C$29.00 to C$34.00 in a report released on Tuesday morning,BayStreet.CA reports. National Bankshares currently has an outperform rating on the stock.

Several other analysts have also commented on the stock. JPMorgan Chase & Co. lowered 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. Raymond James Financial upgraded Cenovus Energy from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from C$30.00 to C$32.00 in a research note on Thursday, October 9th. Desjardins lifted their price target on Cenovus Energy from C$33.00 to C$33.50 and gave the company a “buy” rating in a research report on Friday, December 12th. Royal Bank Of Canada decreased their price objective on Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating for the company in a report on Tuesday, January 13th. Finally, The Goldman Sachs Group raised shares of Cenovus Energy to a “strong-buy” rating in a research report on Friday, January 2nd. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Cenovus Energy currently has a consensus rating of “Buy” and a consensus price target of C$29.41.

Cenovus Energy Stock Performance

Shares of CVE stock opened at C$26.99 on Tuesday. The firm has a market capitalization of C$50.91 billion, a price-to-earnings ratio of 15.60, a PEG ratio of 0.09 and a beta of 0.65. The stock has a fifty day moving average of C$24.54 and a 200 day moving average of C$23.58. Cenovus Energy has a 52 week low of C$14.48 and a 52 week high of C$27.98. 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 quarterly earnings data on Friday, October 31st. The company reported C$0.72 EPS for the quarter. The business had revenue of C$13.20 billion during the quarter. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.67%. As a group, research analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.20 per share. The ex-dividend date was Monday, December 15th. This represents a $0.80 annualized dividend and a dividend yield of 3.0%. Cenovus Energy’s dividend payout ratio (DPR) is presently 43.93%.

Insider Activity

In other news, Director Michael John Crothers purchased 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The shares were bought at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the purchase, the director directly owned 8,000 shares in the company, valued at approximately C$193,840. This trade represents a 33.33% increase in their position. 32.03% of the stock is currently 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.