Cenovus Energy (TSE:CVE) Stock Rating Lowered by National Bank Financial

National Bank Financial downgraded shares of Cenovus Energy (TSE:CVE) (NYSE:CVE) from a strong-buy rating to a hold rating in a report released on Thursday morning,Zacks.com reports.

A number of other equities research analysts also recently weighed in on CVE. TD Securities cut their target price on Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating for the company in a research report on Friday, December 13th. Royal Bank of Canada cut their target price on Cenovus Energy from C$28.00 to C$26.00 in a research report on Tuesday, January 14th. BMO Capital Markets cut their target price on Cenovus Energy from C$28.00 to C$25.00 in a research report on Friday, December 13th. National Bankshares downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from C$28.00 to C$25.00 in a research report on Friday. Finally, Raymond James upped their price target on Cenovus Energy from C$32.00 to C$33.00 in a report on Friday, December 13th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Cenovus Energy has a consensus rating of “Moderate Buy” and an average price target of C$30.00.

Cenovus Energy Stock Performance

CVE opened at C$20.75 on Thursday. 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 company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. Cenovus Energy has a 1-year low of C$20.16 and a 1-year high of C$29.96. The business has a 50 day moving average price of C$21.54 and a two-hundred day moving average price of C$22.77.

Cenovus Energy Dividend Announcement

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

Insider Buying and Selling at Cenovus Energy

In other news, insider Cenovus Energy Inc. bought 44,700 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were bought at an average cost of C$22.07 per share, with a total value of C$986,658.63. Also, Senior Officer Jeffery George Lawson bought 10,000 shares of the business’s stock in a transaction on Friday, February 21st. The shares were purchased at an average cost of C$21.39 per share, for a total transaction of C$213,900.00. Over the last 90 days, insiders have purchased 65,300 shares of company stock valued at $1,427,360. 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.