Cenovus Energy Inc. (TSE:CVE) Receives C$29.89 Average Price Target from Analysts

Shares of Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE have earned an average rating of "Moderate Buy" from the nine ratings firms that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is C$29.89.

A number of brokerages recently commented on CVE. TD Securities dropped their price target on Cenovus Energy from C$29.00 to C$28.00 and set a "buy" rating for the company in a research note on Monday, February 24th. Royal Bank of Canada lowered their target price on Cenovus Energy from C$28.00 to C$26.00 in a research report on Tuesday, January 14th. Jefferies Financial Group reduced their price target on shares of Cenovus Energy from C$32.00 to C$30.00 in a research report on Thursday, January 30th. National Bank Financial lowered shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 20th. Finally, BMO Capital Markets dropped their price objective on shares of Cenovus Energy from C$28.00 to C$25.00 in a research note on Friday, December 13th.

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, Senior Officer Karamjit Singh Sandhar bought 6,000 shares of the company's stock in a transaction on Tuesday, March 4th. The shares were bought at an average price of C$17.97 per share, for a total transaction of C$107,808.00. Also, Senior Officer Jeffery George Lawson acquired 4,600 shares of the business's stock in a transaction on Friday, December 13th. The stock was acquired at an average price of C$21.74 per share, with a total value of C$100,004.00. Insiders have bought a total of 32,050 shares of company stock valued at $656,738 over the last quarter. 32.03% of the stock is owned by company insiders.

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Cenovus Energy Price Performance

Shares of Cenovus Energy stock traded down C$0.28 on Friday, hitting C$18.03. 7,379,995 shares of the company traded hands, compared to its average volume of 5,332,625. Cenovus Energy has a 52 week low of C$17.42 and a 52 week high of C$29.96. The business has a 50-day simple moving average of C$21.13 and a 200 day simple moving average of C$22.24. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The stock has a market capitalization of C$32.84 billion, a P/E ratio of 8.89, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 31st will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend is Friday, March 14th. Cenovus Energy's payout ratio is presently 35.49%.

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.