Cenovus Energy Inc. (TSE:CVE) Receives Average Rating of "Moderate Buy" from Brokerages

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE has been assigned a consensus recommendation of "Moderate Buy" from the ten ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is C$29.89.

Several brokerages have commented on CVE. National Bank Financial lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 20th. Raymond James lifted their price target on shares of Cenovus Energy from C$32.00 to C$33.00 in a research report on Friday, December 13th. Royal Bank of Canada cut their price objective on shares of Cenovus Energy from C$28.00 to C$26.00 in a report on Tuesday, January 14th. TD Securities decreased their target price on shares of 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. Finally, National Bankshares cut Cenovus Energy from an "outperform" rating to a "sector perform" rating and dropped their price target for the stock from C$28.00 to C$25.00 in a research report on Friday, February 21st.

Insider Activity at Cenovus Energy

In related news, Senior Officer Jeffery George Lawson purchased 10,000 shares of Cenovus Energy stock in a transaction dated Friday, February 21st. The stock was purchased at an average cost of C$21.39 per share, for a total transaction of C$213,900.00. Also, Senior Officer Karamjit Singh Sandhar acquired 5,000 shares of the firm's stock in a transaction dated Wednesday, February 26th. The shares were bought at an average cost of C$20.05 per share, with a total value of C$100,250.00. In the last three months, insiders have acquired 26,054 shares of company stock valued at $520,272. 32.03% of the stock is owned by corporate insiders.

Cenovus Energy Stock Down 11.9 %

Shares of CVE stock traded down C$2.16 during midday trading on Tuesday, reaching C$16.00. 10,126,770 shares of the stock were exchanged, compared to its average volume of 5,882,451. Cenovus Energy has a 1 year low of C$15.80 and a 1 year high of C$29.96. The firm has a market cap of C$29.15 billion, a PE ratio of 7.89, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The company's 50 day moving average is C$20.18 and its two-hundred day moving average is C$21.58. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 31st were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 4.50%. The ex-dividend date was Friday, March 14th. Cenovus Energy's dividend payout ratio (DPR) is currently 35.49%.

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.