Cenovus Energy (TSE:CVE) Price Target Raised to C$42.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target hoisted by Raymond James Financial from C$33.00 to C$42.00 in a research note issued to investors on Monday,BayStreet.CA reports.

Several other analysts also recently issued reports on CVE. National Bank Financial upped their price target on shares of Cenovus Energy from C$29.00 to C$34.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. Morgan Stanley cut their price objective on Cenovus Energy from C$31.00 to C$29.00 in a research report on Friday, January 23rd. Royal Bank Of Canada boosted their price target on Cenovus Energy from C$31.00 to C$32.00 and gave the stock an “outperform” rating in a report on Friday, February 20th. BMO Capital Markets reduced their target price on shares of Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating on the stock in a report on Friday, February 20th. Finally, TD Securities raised their price target on shares of Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of C$35.33.

Cenovus Energy Trading Down 2.9%

TSE:CVE opened at C$35.86 on Monday. Cenovus Energy has a 52-week low of C$14.48 and a 52-week high of C$38.50. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 53.80. The stock has a fifty day simple moving average of C$30.79 and a 200-day simple moving average of C$26.46. The company has a market capitalization of C$67.39 billion, a PE ratio of 16.68, a price-to-earnings-growth ratio of 0.09 and a beta of 0.63.

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

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 31st were issued a dividend of $0.20 per share. The ex-dividend date was Friday, March 13th. This represents a $0.80 annualized dividend and a dividend yield of 2.2%. Cenovus Energy’s dividend payout ratio (DPR) is 36.28%.

Insider Activity at Cenovus Energy

In related news, insider John F. Soini sold 10,275 shares of the company’s stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total value of C$360,960.75. Following the completion of the transaction, the insider directly owned 2,114 shares in the company, valued at approximately C$74,264.82. This represents a 82.94% decrease in their ownership of the stock. 32.03% of the stock is currently owned by corporate insiders.

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.