Analysts Set Cenovus Energy Inc. (TSE:CVE) Target Price at C$32.67

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have been assigned a consensus recommendation of “Buy” from the twelve research firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, eight have given a buy recommendation and three have issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is C$32.67.

CVE has been the subject of a number of recent analyst reports. Desjardins increased their target price on shares of Cenovus Energy from C$33.00 to C$36.00 and gave the company a “buy” rating in a research report on Friday, February 20th. Scotiabank boosted their price target on shares of Cenovus Energy from C$30.00 to C$34.00 and gave the stock an “outperform” rating in a research report on Friday, February 20th. The Goldman Sachs Group raised shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, January 2nd. Veritas upgraded shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Finally, Jefferies Financial Group raised their price objective on shares of Cenovus Energy from C$30.00 to C$37.00 in a research note on Monday.

Cenovus Energy Trading Up 4.2%

Shares of CVE stock opened at C$34.25 on Tuesday. Cenovus Energy has a 1 year low of C$14.48 and a 1 year high of C$34.84. The firm has a market capitalization of C$64.36 billion, a PE ratio of 15.93, a price-to-earnings-growth ratio of 0.09 and a beta of 0.63. The stock has a fifty day moving average of C$28.76 and a two-hundred day moving average of C$25.63. The company has a debt-to-equity ratio of 53.80, a quick ratio of 1.00 and a current ratio of 1.57.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings results on Thursday, February 19th. The company reported C$0.50 EPS for the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%.The company had revenue of C$10.88 billion for the quarter. As a group, research analysts expect that Cenovus Energy will post 2.2619279 EPS for the current year.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Friday, March 13th. Cenovus Energy’s dividend payout ratio (DPR) is presently 36.28%.

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.