Cenovus Energy (TSE:CVE) Price Target Raised to C$49.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective hoisted by ATB Cormark Capital Markets from C$42.50 to C$49.00 in a research report sent to investors on Tuesday morning,BayStreet reports. They currently have an outperform rating on the stock.

Other equities analysts have also issued reports about the stock. Scotiabank raised their target price on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the stock a “sector outperform” rating in a research report on Thursday, July 30th. TD upped their price target on shares of Cenovus Energy from C$46.00 to C$49.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. UBS Group cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. National Bank Financial lowered their price objective on shares of Cenovus Energy from C$60.00 to C$57.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Raymond James Financial raised their price objective on shares of Cenovus Energy from C$46.00 to C$51.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of C$46.06.

Cenovus Energy Trading Up 2.5%

TSE:CVE opened at C$44.77 on Tuesday. The stock’s 50 day moving average price is C$44.09 and its 200 day moving average price is C$40.16. The company has a market capitalization of C$82.57 billion, a PE ratio of 12.44, a P/E/G ratio of 0.09 and a beta of 0.28. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 34.01. Cenovus Energy has a 52-week low of C$21.62 and a 52-week high of C$47.45.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%.The company had revenue of C$17.43 billion for the quarter. On average, research analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current year.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th were issued a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.0%. Cenovus Energy’s payout ratio is presently 22.78%.

Insider Transactions at Cenovus Energy

In other news, insider John F. Soini sold 26,223 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the completion of the sale, the insider owned 2,114 shares in the company, valued at C$94,960.88. This represents a 92.54% decrease in their ownership of the stock. Also, 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 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 ownership of the stock. Insiders sold 601,524 shares of company stock worth $25,546,211 over the last 90 days. 32.03% of the stock is currently owned by 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.