National Bank Financial Reiterates C$60.00 Price Target for Cenovus Energy (TSE:CVE)

National Bank Financial set a C$60.00 price target on Cenovus Energy (TSE:CVE) (NYSE:CVE) in a report published on Tuesday morning,BayStreet.CA reports. The brokerage currently has an outperform rating on the stock.

Other research analysts have also issued research reports about the stock. Scotia raised their target price on shares of Cenovus Energy from C$38.00 to C$44.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and increased their target price for the stock from C$42.00 to C$46.00 in a report on Monday, June 29th. Raymond James Financial lifted their price objective on shares of Cenovus Energy from C$41.00 to C$46.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. upped their price target on shares of Cenovus Energy from C$45.00 to C$51.00 in a research note on Thursday, July 30th. Finally, Royal Bank Of Canada increased their target price on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Cenovus Energy has an average rating of “Buy” and an average price target of C$44.44.

Cenovus Energy Stock Performance

Shares of TSE CVE opened at C$43.94 on Tuesday. The business has a fifty day simple moving average of C$39.71 and a 200 day simple moving average of C$37.19. The firm has a market capitalization of C$81.04 billion, a price-to-earnings ratio of 12.21, a PEG ratio of 0.09 and a beta of 0.16. Cenovus Energy has a one year low of C$21.62 and a one year high of C$45.94. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. The business had revenue of C$17.43 billion for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. Sell-side analysts expect that Cenovus Energy will post 2.2619279 EPS 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 given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s payout ratio is 22.78%.

Insider Activity at Cenovus Energy

In related news, insider Jonathan Michael Mckenzie sold 104,974 shares of the 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 completion of the sale, the insider directly owned 843,824 shares of the company’s stock, valued at approximately C$36,697,905.76. This represents a 11.06% decrease in their position. Also, Director Alex Pourbaix sold 432,731 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of C$42.05, for a total transaction of C$18,196,338.55. Following the completion of the sale, the director owned 1,455,996 shares of the company’s stock, valued at approximately C$61,224,631.80. This represents a 22.91% decrease in their position. Insiders have sold a total of 601,524 shares of company stock valued at $25,546,211 over the last 90 days. Insiders own 32.03% of the company’s stock.

About Cenovus Energy

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.