Cenovus Energy Inc. (TSE:CVE) Receives Average Recommendation of “Buy” from Analysts

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has been given an average rating of “Buy” by the eleven analysts that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, eight have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is C$29.17.

CVE has been the topic of a number of research reports. Royal Bank Of Canada upped their price target on shares of Cenovus Energy from C$30.00 to C$32.00 in a research note on Monday, November 17th. JPMorgan Chase & Co. dropped their target price on Cenovus Energy from C$32.00 to C$29.00 and set an “overweight” rating on the stock in a research report on Thursday, September 11th. National Bankshares reduced their price target on Cenovus Energy from C$29.00 to C$28.00 and set an “outperform” rating for the company in a report on Wednesday, October 22nd. Morgan Stanley boosted their price target on Cenovus Energy from C$26.00 to C$31.00 in a research note on Thursday, November 20th. Finally, National Bank Financial raised shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 22nd.

Cenovus Energy Stock Performance

CVE stock opened at C$25.35 on Friday. The firm has a 50 day simple moving average of C$24.42 and a 200 day simple moving average of C$21.97. Cenovus Energy has a 52 week low of C$14.48 and a 52 week high of C$26.36. The stock has a market cap of C$47.82 billion, a P/E ratio of 14.65, a P/E/G ratio of 0.09 and a beta of 0.47. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Friday, October 31st. The company reported C$0.72 earnings per share for the quarter. The firm had revenue of C$13.20 billion for the quarter. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.67%. Research analysts anticipate that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st will be issued a dividend of $0.20 per share. The ex-dividend date is Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.2%. Cenovus Energy’s dividend payout ratio (DPR) is currently 43.93%.

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.