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

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has been assigned an average recommendation of “Buy” from the fifteen research firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating, eleven have given a buy rating and three have assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is C$41.40.

A number of analysts recently weighed in on the company. UBS Group lifted their price target on Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a research report on Friday, June 26th. National Bank Financial raised their target price on Cenovus Energy from C$30.00 to C$57.00 and gave the company an “outperform” rating in a report on Tuesday, March 31st. TD boosted their target price on shares of 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. Finally, Desjardins set a C$50.00 price target on shares of Cenovus Energy and gave the stock a “buy” rating in a research note on Friday.

Cenovus Energy Price Performance

Shares of CVE opened at C$39.20 on Monday. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29. The stock’s 50 day moving average is C$38.47 and its two-hundred day moving average is C$33.72. Cenovus Energy has a twelve month low of C$19.05 and a twelve month high of C$44.13. The firm has a market capitalization of C$73.10 billion, a PE ratio of 15.62, a P/E/G ratio of 0.09 and a beta of 0.17.

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

Cenovus Energy Increases Dividend

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

Insider Transactions at Cenovus Energy

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