ATB Capital Issues Positive Forecast for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price raised by ATB Capital from C$25.00 to C$28.00 in a report issued on Monday morning,BayStreet.CA reports. The firm currently has an outperform rating on the stock.

A number of other research firms have also recently commented on CVE. Royal Bank Of Canada upped their price target on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. National Bankshares raised shares of Cenovus Energy from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from C$24.00 to C$28.00 in a research report on Monday. Desjardins upped their target price on shares of Cenovus Energy from C$27.00 to C$27.50 and gave the stock a “buy” rating in a research note on Friday, August 1st. Jefferies Financial Group lifted their price target on shares of Cenovus Energy from C$24.00 to C$25.00 in a research note on Monday, August 18th. Finally, TD Securities boosted their price target on Cenovus Energy from C$25.00 to C$26.00 and gave the company a “buy” rating in a report on Friday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of C$27.70.

Cenovus Energy Price Performance

CVE opened at C$23.15 on Monday. The business has a fifty day moving average of C$20.03 and a 200 day moving average of C$19.12. Cenovus Energy has a 52-week low of C$14.48 and a 52-week high of C$26.47. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. The stock has a market cap of C$42.17 billion, a P/E ratio of 11.41, a PEG ratio of 0.09 and a beta of 2.63.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 30th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, June 13th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.18. Cenovus Energy’s dividend payout ratio is currently 35.49%.

Insider Activity

In related news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of Cenovus Energy stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of C$20.03, for a total transaction of C$48,849,820.34. Insiders have sold 4,281,552 shares of company stock worth $84,922,463 in the last 90 days. 32.03% of the stock is currently owned by company insiders.

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.