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

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have received a consensus rating of “Buy” from the fifteen analysts that are covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is C$39.79.

A number of research firms recently weighed in on CVE. Raymond James Financial lowered shares of Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and raised their price target for the company from C$41.00 to C$42.00 in a report on Wednesday, May 6th. Royal Bank Of Canada raised their price target on shares of Cenovus Energy from C$45.00 to C$47.00 and gave the company an “outperform” rating in a report on Tuesday, May 19th. Desjardins raised their price target on shares of Cenovus Energy from C$33.00 to C$36.00 and gave the company a “buy” rating in a report on Friday, February 20th. JPMorgan Chase & Co. raised their price target on shares of Cenovus Energy from C$25.00 to C$41.00 in a report on Tuesday, April 14th. Finally, TD raised their price target on shares of Cenovus Energy from C$35.00 to C$45.00 and gave the company a “buy” rating in a report on Thursday, April 16th.

Insider Activity

In other news, insider John F. Soini sold 10,275 shares of the stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of C$35.13, for a total transaction of C$360,960.75. Following the transaction, the insider owned 2,114 shares of the company’s stock, valued at approximately C$74,264.82. This trade represents a 82.94% decrease in their ownership of the stock. Also, insider Susan Mary Anderson-Olney sold 19,379 shares of Cenovus Energy stock in a transaction dated 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 transaction, the insider owned 33,275 shares of the company’s stock, valued at C$1,392,226. This trade represents a 36.80% decrease in their ownership of the stock. In the last 90 days, insiders have sold 236,172 shares of company stock worth $9,351,575. 32.03% of the stock is currently owned by corporate insiders.

Cenovus Energy Price Performance

CVE opened at C$38.06 on Friday. The company has a fifty day simple moving average of C$37.78 and a 200 day simple moving average of C$30.48. The firm has a market cap of C$70.98 billion, a price-to-earnings ratio of 15.16, a PEG ratio of 0.09 and a beta of 0.23. Cenovus Energy has a twelve month low of C$17.61 and a twelve month high of C$44.13. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings results 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 during the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. Equities research analysts expect that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 31st were given a $0.20 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.80 annualized dividend and a dividend yield of 2.1%. Cenovus Energy’s payout ratio is presently 31.87%.

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.