Cenovus Energy Inc. (TSE:CVE) Receives C$29.89 Average Target Price from Brokerages

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has been assigned an average recommendation of “Moderate Buy” from the nine analysts that are presently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is C$29.89.

A number of equities research analysts have weighed in on the company. Royal Bank of Canada lowered their price target on Cenovus Energy from C$28.00 to C$26.00 in a research report on Tuesday, January 14th. Raymond James raised their price objective on Cenovus Energy from C$32.00 to C$33.00 in a report on Friday, December 13th. Jefferies Financial Group dropped their target price on Cenovus Energy from C$32.00 to C$30.00 in a research report on Thursday, January 30th. National Bank Financial cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 20th. Finally, TD Securities lowered their price objective on shares of Cenovus Energy from C$29.00 to C$28.00 and set a “buy” rating for the company in a report on Monday, February 24th.

Insider Buying and Selling

In related news, Senior Officer Jeffery George Lawson purchased 4,600 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were acquired at an average price of C$21.74 per share, for a total transaction of C$100,004.00. Also, Senior Officer Karamjit Singh Sandhar acquired 6,000 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was bought at an average price of C$17.97 per share, with a total value of C$107,808.00. Insiders have bought a total of 32,050 shares of company stock valued at $656,738 over the last three months. 32.03% of the stock is owned by company insiders.

Cenovus Energy Stock Performance

Cenovus Energy stock opened at C$18.70 on Friday. Cenovus Energy has a fifty-two week low of C$17.42 and a fifty-two week high of C$29.96. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The stock has a market cap of C$34.06 billion, a P/E ratio of 9.22, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The firm’s fifty day moving average price is C$21.00 and its 200-day moving average price is C$22.16.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 31st will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend is Friday, March 14th. Cenovus Energy’s dividend payout ratio is 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.