Cenovus Energy (TSE:CVE) Price Target Lowered to C$26.00 at Royal Bank of Canada

Cenovus Energy (TSE:CVE - Free Report) NYSE: CVE had its price target reduced by Royal Bank of Canada from C$28.00 to C$26.00 in a research note released on Tuesday,BayStreet.CA reports.

Other analysts have also issued research reports about the stock. Jefferies Financial Group lowered their price objective on shares of Cenovus Energy from C$33.00 to C$32.00 and set a "buy" rating for the company in a research note on Friday, December 20th. National Bankshares cut their target price on Cenovus Energy from C$31.00 to C$29.00 and set an "outperform" rating on the stock in a research report on Thursday, December 19th. Raymond James increased their price objective on shares of Cenovus Energy from C$32.00 to C$33.00 in a research note on Friday, December 13th. BMO Capital Markets lowered their target price on Cenovus Energy from C$28.00 to C$25.00 in a research note on Friday, December 13th. Finally, TD Securities reduced their price objective on Cenovus Energy from C$31.00 to C$29.00 and set a "buy" rating for the company in a report on Friday, December 13th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of C$30.67.

Cenovus Energy Price Performance

Shares of TSE CVE traded down C$0.58 during mid-day trading on Tuesday, hitting C$21.40. 6,160,770 shares of the stock traded hands, compared to its average volume of 5,281,149. Cenovus Energy has a twelve month low of C$19.82 and a twelve month high of C$29.96. The firm has a 50 day simple moving average of C$21.83 and a two-hundred day simple moving average of C$23.84. The company has a debt-to-equity ratio of 33.34, a current ratio of 1.66 and a quick ratio of 1.00. The company has a market cap of C$39.80 billion, a PE ratio of 8.53, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63.

Cenovus Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.36%. Cenovus Energy's dividend payout ratio is presently 28.69%.

Insider Buying and Selling

In other news, Senior Officer Jeffery George Lawson bought 4,600 shares of the company's stock in a transaction that occurred on Friday, December 13th. The shares were purchased at an average price of C$21.74 per share, for a total transaction of C$100,004.00. Also, insider Cenovus Energy Inc. purchased 44,700 shares of the business's stock in a transaction on Monday, December 2nd. The shares were bought at an average cost of C$22.07 per share, for a total transaction of C$986,658.63. Insiders purchased 55,300 shares of company stock worth $1,214,190 in the last three months. 32.03% of the stock is owned by 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.