Cenovus Energy Inc. (TSE:CVE) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have earned a consensus recommendation of “Moderate Buy” from the eleven brokerages that are covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have covered the stock in the last year is C$28.15.

CVE has been the subject of several analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Cenovus Energy from C$34.00 to C$32.00 and set an “overweight” rating for the company in a research note on Friday, April 11th. Veritas lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 14th. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. CIBC decreased their price objective on shares of Cenovus Energy from C$32.00 to C$28.00 in a research note on Thursday, April 10th. Finally, TD Securities raised their price target on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the stock a “buy” rating in a research note on Friday, May 9th.

Insider Activity at Cenovus Energy

In other Cenovus Energy news, Senior Officer Karamjit Singh Sandhar acquired 6,000 shares of Cenovus Energy stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average cost of C$17.97 per share, for a total transaction of C$107,808.00. Also, Senior Officer John F. Soini acquired 5,880 shares of Cenovus Energy stock in a transaction that occurred on Wednesday, April 9th. The stock was acquired at an average price of C$16.89 per share, with a total value of C$99,313.20. In the last ninety days, insiders acquired 72,434 shares of company stock worth $1,337,931. Corporate insiders own 32.03% of the company’s stock.

Cenovus Energy Trading Up 1.1%

TSE:CVE opened at C$18.71 on Wednesday. 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 firm has a market cap of C$34.08 billion, a price-to-earnings ratio of 9.22, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. Cenovus Energy has a 52 week low of C$14.48 and a 52 week high of C$28.82. The firm has a 50-day moving average price of C$17.79 and a two-hundred day moving average price of C$20.02.

Cenovus Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 31st were paid a $0.18 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.72 dividend on an annualized basis and a yield of 3.85%. 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.