Cenovus Energy Inc. (TSE:CVE) Given Consensus Rating of “Moderate Buy” by Brokerages

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has been given a consensus rating of “Moderate Buy” by the eleven brokerages that are covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is C$28.15.

CVE has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their price target on shares of Cenovus Energy from C$34.00 to C$32.00 and set an “overweight” rating on the stock in a research note on Friday, April 11th. Jefferies Financial Group lowered their target price on Cenovus Energy from C$32.00 to C$30.00 in a research report on Thursday, January 30th. Scotiabank raised Cenovus Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. TD Securities boosted their price target on Cenovus Energy from C$25.00 to C$26.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Finally, National Bank Financial lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 20th.

Cenovus Energy Trading Down 3.6%

CVE opened at C$18.48 on Wednesday. Cenovus Energy has a 12-month low of C$14.48 and a 12-month high of C$28.82. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The stock has a market capitalization of C$33.66 billion, a PE ratio of 9.11, a P/E/G ratio of 0.09 and a beta of 2.63. The firm’s fifty day moving average price is C$17.84 and its 200 day moving average price is C$20.10.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 31st were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date of this dividend was Friday, March 14th. Cenovus Energy’s dividend payout ratio is currently 35.49%.

Insider Transactions at Cenovus Energy

In related news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 77,429 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of C$19.60, for a total transaction of C$1,517,987.80. Also, Senior Officer Jonathan Michael Mckenzie bought 50,000 shares of Cenovus Energy stock in a transaction that occurred on Tuesday, May 20th. The shares were acquired at an average price of C$18.49 per share, with a total value of C$924,500.00. In the last three months, insiders purchased 82,934 shares of company stock valued at $1,562,221. Company insiders own 32.03% of the company’s stock.

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.