Cenovus Energy (TSE:CVE) Price Target Raised to C$29.00 at Desjardins

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective lifted by Desjardins from C$27.50 to C$29.00 in a research report report published on Monday morning,BayStreet.CA reports.

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

Cenovus Energy Stock Performance

CVE opened at C$23.15 on Monday. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$26.47. The firm has a market capitalization of C$42.17 billion, a PE ratio of 11.41, a PEG ratio of 0.09 and a beta of 2.63. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The firm’s 50-day moving average price is C$20.03 and its 200 day moving average price is C$19.12.

Cenovus Energy Increases Dividend

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

Insiders Place Their Bets

In other Cenovus Energy news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of Cenovus Energy stock in a transaction dated 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 a total of 4,281,552 shares of company stock worth $84,922,463 over the last ninety days. Company insiders own 32.03% of the company’s stock.

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.