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

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have received a consensus recommendation of “Moderate Buy” from the eleven brokerages that are presently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation, six have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is C$29.41.

Several analysts have weighed in on the company. The Goldman Sachs Group upgraded Cenovus Energy to a “strong-buy” rating in a research report on Friday, January 2nd. Royal Bank Of Canada decreased their target price on shares of Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 13th. Scotiabank upped their price target on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the company a “hold” rating in a report on Tuesday, January 20th. JPMorgan Chase & Co. cut shares of Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price target for the company. in a research report on Tuesday, January 20th. Finally, National Bank Financial raised their price target on shares of Cenovus Energy from C$29.00 to C$34.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd.

Cenovus Energy Stock Up 4.0%

CVE opened at C$31.68 on Friday. The company has a market cap of C$59.76 billion, a P/E ratio of 18.31, a P/E/G ratio of 0.09 and a beta of 0.65. The business’s 50-day moving average price is C$25.47 and its 200-day moving average price is C$24.23. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. Cenovus Energy has a 12 month low of C$14.48 and a 12 month high of C$31.81.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 31st were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.80 annualized dividend and a dividend yield of 2.5%. Cenovus Energy’s dividend payout ratio (DPR) is presently 43.93%.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, Director Michael John Crothers purchased 2,000 shares of Cenovus Energy stock in a transaction that occurred on Monday, December 15th. The shares were bought at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the acquisition, the director directly owned 8,000 shares in the company, valued at approximately C$193,840. This trade represents a 33.33% increase in their ownership of the stock. 32.03% of the stock is currently owned by corporate 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.