Cenovus Energy (TSE:CVE) Trading Down 10% on Analyst Downgrade

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) shares traded down 10% during trading on Thursday after CIBC lowered their price target on the stock from C$32.00 to C$28.00. The stock traded as low as C$15.06 and last traded at C$15.23. 3,210,352 shares were traded during mid-day trading, a decline of 47% from the average session volume of 6,008,090 shares. The stock had previously closed at C$16.92.

CVE has been the subject of a number of other reports. Jefferies Financial Group dropped their price objective on shares of Cenovus Energy from C$32.00 to C$30.00 in a research note on Thursday, January 30th. Royal Bank of Canada cut their price objective on shares of Cenovus Energy from C$28.00 to C$26.00 in a report on Tuesday, January 14th. TD Securities dropped their price target on shares of Cenovus Energy from C$29.00 to C$28.00 and set a “buy” rating for the company in a research report on Monday, February 24th. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a report on Wednesday, March 19th. Finally, Raymond James boosted their target price on Cenovus Energy from C$32.00 to C$33.00 in a report on Friday, December 13th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$29.11.

Insider Buying and Selling

In related news, Senior Officer Jeffery George Lawson acquired 10,000 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was acquired at an average price of C$21.39 per share, with a total value of C$213,900.00. Also, Senior Officer John F. Soini bought 4,104 shares of the firm’s stock in a transaction that occurred on Tuesday, March 18th. The shares were purchased at an average cost of C$19.48 per share, for a total transaction of C$79,945.92. In the last three months, insiders bought 31,934 shares of company stock valued at $619,586. Company insiders own 32.03% of the company’s stock.

Cenovus Energy Trading Down 8.4 %

The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The company has a 50 day moving average of C$19.66 and a 200 day moving average of C$21.34. The firm has a market cap of C$28.23 billion, a price-to-earnings ratio of 7.64, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63.

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 31st were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.65%. The ex-dividend date of this dividend was Friday, March 14th. Cenovus Energy’s dividend payout ratio (DPR) is currently 35.49%.

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.