Cenovus Energy (TSE:CVE) Given a C$50.00 Price Target at Desjardins

Desjardins set a C$50.00 price objective on Cenovus Energy (TSE:CVE) (NYSE:CVE) in a research note issued to investors on Friday morning,BayStreet.CA reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently commented on CVE. JPMorgan Chase & Co. decreased their target price on Cenovus Energy from C$47.00 to C$45.00 in a research report on Thursday, July 9th. Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a report on Friday, June 26th. National Bank Financial boosted their target price on Cenovus Energy from C$30.00 to C$57.00 and gave the company an “outperform” rating in a research note on Tuesday, March 31st. UBS Group upped their target price on Cenovus Energy from C$36.00 to C$41.00 in a research report on Thursday, April 9th. Finally, TD upped their target price on Cenovus Energy from C$35.00 to C$45.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of C$41.40.

Cenovus Energy Trading Up 2.4%

Shares of TSE CVE opened at C$39.20 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 42.29. The stock’s 50 day moving average price is C$38.47 and its two-hundred day moving average price is C$33.65. Cenovus Energy has a 52-week low of C$19.05 and a 52-week high of C$44.13. The stock has a market capitalization of C$73.10 billion, a P/E ratio of 15.62, a PEG ratio of 0.09 and a beta of 0.17.

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

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th were paid a $0.22 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.88 annualized dividend and a dividend yield of 2.2%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio (DPR) is presently 31.87%.

Insiders Place Their Bets

In related news, insider Jonathan Michael Mckenzie sold 69,387 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total transaction of C$2,741,480.37. Following the completion of the sale, the insider owned 1,143,824 shares in the company, valued at approximately C$45,192,486.24. This represents a 5.72% decrease in their ownership of the stock. Also, insider Susan Mary Anderson-Olney sold 37,072 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of C$39.85, for a total value of C$1,477,319.20. Following the completion of the transaction, the insider owned 33,275 shares of the company’s stock, valued at C$1,326,008.75. This trade represents a 52.70% decrease in their position. Over the last quarter, insiders sold 225,897 shares of company stock worth $8,990,614. 32.03% of the stock is owned by company insiders.

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.