Cenovus Energy (TSE:CVE) Downgraded by National Bankshares to “Sector Perform”

National Bankshares downgraded shares of Cenovus Energy (TSE:CVE) (NYSE:CVE) from an outperform rating to a sector perform rating in a research report report published on Friday morning,BayStreet.CA reports. They currently have C$25.00 target price on the stock, down from their previous target price of C$28.00.

A number of other brokerages also recently issued reports on CVE. Royal Bank of Canada decreased their price target on Cenovus Energy from C$28.00 to C$26.00 in a report on Tuesday, January 14th. BMO Capital Markets decreased their price target on Cenovus Energy from C$28.00 to C$25.00 in a report on Friday, December 13th. Raymond James boosted their price target on Cenovus Energy from C$32.00 to C$33.00 in a report on Friday, December 13th. TD Securities decreased their price target on Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating for the company in a report on Friday, December 13th. Finally, Jefferies Financial Group cut their price objective on Cenovus Energy from C$32.00 to C$30.00 in a research report on Thursday, January 30th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$30.00.

Cenovus Energy Trading Down 4.2 %

Cenovus Energy stock opened at C$20.75 on Friday. Cenovus Energy has a 52 week low of C$20.16 and a 52 week high of C$29.96. The company has a market capitalization of C$37.80 billion, a price-to-earnings ratio of 10.23, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The stock has a 50-day moving average price of C$21.54 and a 200 day moving average price of C$22.77. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 31st were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.47%. The ex-dividend date was Friday, December 13th. Cenovus Energy’s payout ratio is 35.49%.

Insider Buying and Selling

In other news, insider Cenovus Energy Inc. purchased 44,700 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was purchased at an average cost of C$22.07 per share, for a total transaction of C$986,658.63. Also, Senior Officer Jeffery George Lawson purchased 4,600 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were purchased at an average price of C$21.74 per share, with a total value of C$100,004.00. Over the last ninety days, insiders bought 65,300 shares of company stock worth $1,427,360. 32.03% of the stock is 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.