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

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has been assigned a consensus rating of “Buy” from the twelve research firms that are presently covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and three have assigned a strong buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is C$28.95.

A number of equities analysts recently weighed in on the stock. Scotiabank boosted their price target on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the stock a “hold” rating in a research report on Tuesday, January 20th. Morgan Stanley lowered their target price on Cenovus Energy from C$31.00 to C$29.00 in a report on Friday. Raymond James Financial raised Cenovus Energy from an “outperform” rating to a “strong-buy” rating and increased their price target for the company from C$30.00 to C$32.00 in a report on Thursday, October 9th. Desjardins lifted their price objective on Cenovus Energy from C$33.00 to C$33.50 and gave the stock a “buy” rating in a research report on Friday, December 12th. Finally, The Goldman Sachs Group raised Cenovus Energy to a “strong-buy” rating in a research note on Friday, January 2nd.

Cenovus Energy Stock Up 1.2%

CVE stock opened at C$25.72 on Monday. The firm has a market cap of C$48.52 billion, a PE ratio of 14.87, a P/E/G ratio of 0.09 and a beta of 0.50. 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’s fifty day moving average is C$24.23 and its 200 day moving average is C$23.17. Cenovus Energy has a one year low of C$14.48 and a one year high of C$26.36.

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

Cenovus Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.20 per share. The ex-dividend date was Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.1%. Cenovus Energy’s dividend payout ratio is currently 43.93%.

Insiders Place Their Bets

In other news, Director Michael John Crothers purchased 2,000 shares of the stock in a transaction dated Monday, December 15th. The stock was acquired at an average cost of C$24.23 per share, for a total transaction of C$48,460.00. Following the completion of the transaction, the director directly owned 8,000 shares in the company, valued at approximately C$193,840. This represents a 33.33% increase in their position. 32.03% of the stock is currently owned by company insiders.

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.