Cenovus Energy Inc. (TSE:CVE) Receives C$41.40 Consensus PT from Brokerages

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have earned a consensus rating of “Buy” from the fifteen analysts that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and three have assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is C$41.47.

A number of analysts have recently weighed in on CVE shares. Desjardins set a C$50.00 price target on Cenovus Energy and gave the stock a “buy” rating in a research report on Friday, July 17th. UBS Group boosted their price objective on Cenovus Energy from C$36.00 to C$41.00 in a research report on Thursday, April 9th. Scotia upped their price objective on Cenovus Energy from C$38.00 to C$44.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. dropped their target price on Cenovus Energy from C$47.00 to C$45.00 in a research report on Thursday, July 9th. Finally, Scotiabank raised Cenovus Energy to a “strong-buy” rating in a research report on Friday, June 26th.

Cenovus Energy Price Performance

CVE opened at C$40.86 on Monday. The firm has a market cap of C$76.20 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 0.09 and a beta of 0.17. Cenovus Energy has a fifty-two week low of C$19.05 and a fifty-two week high of C$44.13. The company’s 50-day moving average price is C$38.46 and its 200 day moving average price is C$34.08. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 42.29.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its earnings results on Wednesday, May 6th. The company reported C$0.84 earnings per share (EPS) for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. The firm had revenue of C$12.36 billion for the quarter. As a group, sell-side analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.22 per share. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Monday, June 15th. Cenovus Energy’s payout ratio is currently 31.87%.

Insider Activity

In related news, insider Jonathan Michael Mckenzie sold 69,387 shares of Cenovus Energy stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the sale, the insider directly owned 1,143,824 shares in the company, valued at C$45,192,486.24. This trade represents a 5.72% decrease in their position. Also, insider Susan Mary Anderson-Olney sold 37,072 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of C$39.85, for a total transaction of C$1,477,319.20. Following the transaction, the insider directly owned 33,275 shares of the company’s stock, valued at C$1,326,008.75. The trade was a 52.70% decrease in their ownership of the stock. Insiders have sold 225,897 shares of company stock valued at $8,990,614 in 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.