Cenovus Energy Inc. (TSE:CVE) Given Consensus Recommendation of “Buy” by Analysts

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have been given a consensus recommendation of “Buy” by the fifteen ratings firms that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is C$39.79.

CVE has been the topic of several research reports. National Bank Financial lifted their price objective on Cenovus Energy from C$30.00 to C$57.00 and gave the company an “outperform” rating in a research report on Tuesday, March 31st. UBS Group lifted their price objective on Cenovus Energy from C$36.00 to C$41.00 in a research report on Thursday, April 9th. Jefferies Financial Group lifted their price objective on Cenovus Energy from C$30.00 to C$37.00 in a research report on Monday, March 16th. Veritas raised Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, March 10th. Finally, Scotia boosted their price target on Cenovus Energy from C$38.00 to C$44.00 and gave the stock a “sector outperform” rating in a research report on Thursday, May 7th.

Cenovus Energy Stock Performance

Cenovus Energy stock opened at C$35.09 on Thursday. The stock’s 50 day simple moving average is C$38.58 and its two-hundred day simple moving average is C$32.17. The company has a debt-to-equity ratio of 42.29, a quick ratio of 1.00 and a current ratio of 1.57. The stock has a market cap of C$65.44 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 0.09 and a beta of 0.15. Cenovus Energy has a fifty-two week low of C$18.45 and a fifty-two week high of C$44.13.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings data on Wednesday, May 6th. The company reported C$0.84 earnings per share for the quarter. The business had revenue of C$12.36 billion for the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%. As a group, analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th will be given a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.5%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s payout ratio is presently 31.87%.

Insider Buying and Selling

In other news, insider Jonathan Michael Mckenzie sold 69,387 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the sale, the insider directly owned 1,143,824 shares of the company’s stock, valued at C$45,192,486.24. The trade was a 5.72% decrease in their position. Also, insider Susan Mary Anderson-Olney sold 19,379 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of C$41.84, for a total value of C$810,817.36. Following the completion of the sale, the insider directly owned 33,275 shares in the company, valued at approximately C$1,392,226. This represents a 36.80% decrease in their ownership of the stock. Over the last three months, insiders sold 225,897 shares of company stock worth $8,990,614. Insiders own 32.03% of the company’s stock.

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.