Cenovus Energy (TSE:CVE) Price Target Raised to C$50.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective boosted by TD from C$49.00 to C$50.00 in a research report released on Tuesday,BayStreet reports. TD currently has a buy rating on the stock.

CVE has been the topic of several other reports. JPMorgan Chase & Co. upgraded Cenovus Energy from a “neutral” rating to an “overweight” rating and increased their price target for the stock from C$51.00 to C$58.00 in a report on Tuesday, September 8th. Royal Bank Of Canada increased their target price on Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and boosted their price target for the stock from C$42.00 to C$46.00 in a research report on Monday, June 29th. Canadian Imperial Bank of Commerce upped their price objective on Cenovus Energy from C$48.00 to C$52.00 in a research note on Thursday, August 27th. Finally, ATB Cormark Capital Markets raised their price target on shares of Cenovus Energy from C$42.50 to C$49.00 and gave the company an “outperform” rating in a report on Tuesday, October 6th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy currently has a consensus rating of “Buy” and an average target price of C$46.12.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at C$45.42 on Tuesday. The stock has a market cap of C$83.77 billion, a price-to-earnings ratio of 12.62, a price-to-earnings-growth ratio of 0.09 and a beta of 0.28. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63. The stock has a 50 day moving average price of C$44.58 and a 200-day moving average price of C$40.51. Cenovus Energy has a one year low of C$21.62 and a one year 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 earnings per share 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. Equities analysts expect that Cenovus Energy will post 2.26 EPS for the current year.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.9%. The ex-dividend date was Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is currently 22.78%.

Insiders Place Their Bets

In other news, insider John F. Soini sold 26,223 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the sale, the insider directly owned 2,114 shares of the company’s stock, valued at C$94,960.88. This represents a 92.54% decrease in their position. Also, Director Alex Pourbaix sold 432,731 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of C$42.05, for a total value of C$18,196,338.55. Following the sale, the director owned 1,455,996 shares in the company, valued at C$61,224,631.80. This trade represents a 22.91% decrease in their ownership of the stock. Over the last quarter, insiders sold 601,524 shares of company stock worth $25,546,211. Company insiders own 32.03% of the company’s stock.

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.