Cenovus Energy Inc. (TSE:CVE) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have been given a consensus recommendation of “Buy” by the eight ratings firms that are presently covering the stock, MarketBeat.com reports. Eight investment analysts have rated the stock with a buy recommendation. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is C$30.33.

CVE has been the subject of several research reports. TD Securities cut their target price on Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating for the company in a research note on Friday, December 13th. Royal Bank of Canada cut their target price on Cenovus Energy from C$28.00 to C$26.00 in a research note on Tuesday, January 14th. National Bankshares cut their target price on Cenovus Energy from C$29.00 to C$28.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. BMO Capital Markets dropped their price objective on Cenovus Energy from C$28.00 to C$25.00 in a research note on Friday, December 13th. Finally, Jefferies Financial Group dropped their price objective on Cenovus Energy from C$32.00 to C$30.00 in a research note on Thursday, January 30th.

Cenovus Energy Stock Down 0.7 %

Shares of CVE opened at C$21.68 on Monday. The firm has a market cap of C$39.49 billion, a P/E ratio of 10.69, a P/E/G ratio of 0.09 and a beta of 2.63. The stock has a 50 day simple moving average of C$21.51 and a two-hundred day simple moving average of C$22.89. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. Cenovus Energy has a 1 year low of C$20.16 and a 1 year high of C$29.96.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 31st were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.32%. Cenovus Energy’s dividend payout ratio is presently 35.49%.

Insider Activity at Cenovus Energy

In other news, insider Cenovus Energy Inc. acquired 44,700 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was acquired at an average price of C$22.07 per share, for a total transaction of C$986,658.63. Also, Senior Officer Jeffery George Lawson acquired 5,000 shares of the firm’s stock in a transaction on Friday, December 27th. The stock was purchased at an average price of C$21.17 per share, with a total value of C$105,832.00. Insiders acquired a total of 54,800 shares of company stock worth $1,203,070 over the last quarter. 32.03% of the stock is 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.