Analysts Set Cenovus Energy Inc. (TSE:CVE) Price Target at C$30.67

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has received an average recommendation of “Buy” from the eight research firms that are currently covering the company, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a buy rating. The average 1-year price target among analysts that have issued a report on the stock in the last year is C$30.44.

A number of equities analysts have issued reports on the stock. Raymond James raised their target price on shares of Cenovus Energy from C$32.00 to C$33.00 in a report on Friday, December 13th. Jefferies Financial Group cut their price target on Cenovus Energy from C$32.00 to C$30.00 in a report on Tuesday. National Bankshares lowered their price objective on Cenovus Energy from C$31.00 to C$29.00 and set an “outperform” rating for the company in a research note on Thursday, December 19th. Royal Bank of Canada dropped their target price on Cenovus Energy from C$28.00 to C$26.00 in a research report on Tuesday, January 14th. Finally, BMO Capital Markets reduced their price target on shares of Cenovus Energy from C$28.00 to C$25.00 in a report on Friday, December 13th.

Cenovus Energy Stock Performance

CVE stock opened at C$21.54 on Thursday. The stock’s 50 day simple moving average is C$21.77 and its 200 day simple moving average is C$23.66. Cenovus Energy has a 12-month low of C$20.07 and a 12-month high of C$29.96. The firm has a market cap of C$40.06 billion, a P/E ratio of 8.58, a P/E/G ratio of 0.09 and a beta of 2.63. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 33.34.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its earnings results on Thursday, October 31st. The company reported C$0.42 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.46 by C($0.04). Cenovus Energy had a return on equity of 16.69% and a net margin of 8.54%. During the same quarter last year, the firm earned $0.97 EPS. As a group, equities research analysts predict that Cenovus Energy will post 2.2619279 EPS for the current year.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 31st were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.34%. The ex-dividend date was Friday, December 13th. Cenovus Energy’s payout ratio is currently 28.69%.

Insider Activity at Cenovus Energy

In other news, insider Cenovus Energy Inc. bought 44,700 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was acquired at an average price of C$22.07 per share, with a total value of C$986,658.63. Also, Senior Officer Jeffery George Lawson purchased 5,000 shares of the company’s stock in a transaction on Friday, December 27th. The stock was acquired at an average price of C$21.17 per share, for a total transaction of C$105,832.00. Insiders purchased 55,300 shares of company stock worth $1,214,190 in the last 90 days. Corporate 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.