Cenovus Energy (TSE:CVE) Given New C$29.00 Price Target at Jefferies Financial Group

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective lifted by Jefferies Financial Group from C$25.00 to C$29.00 in a report released on Tuesday,BayStreet.CA reports. They currently have a buy rating on the stock.

A number of other analysts also recently issued reports on the company. Raymond James Financial lifted their target price on Cenovus Energy from C$29.00 to C$30.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Royal Bank Of Canada raised their price target on Cenovus Energy from C$25.00 to C$26.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. Veritas cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 14th. Desjardins increased their price objective on Cenovus Energy from C$27.50 to C$29.00 in a report on Monday, August 25th. Finally, National Bankshares raised shares of Cenovus Energy from a “sector perform” rating to an “outperform” rating and raised their target price for the company from C$24.00 to C$28.00 in a research note on Monday, August 25th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Cenovus Energy presently has an average rating of “Buy” and an average target price of C$28.10.

Cenovus Energy Stock Up 2.5%

Shares of CVE stock opened at C$23.40 on Tuesday. 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 has a 1 year low of C$14.48 and a 1 year high of C$25.31. The firm’s fifty day moving average price is C$20.44 and its two-hundred day moving average price is C$19.19. The firm has a market capitalization of C$42.11 billion, a P/E ratio of 16.25, a PEG ratio of 0.09 and a beta of 0.73.

Cenovus Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 29th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Monday, September 15th. Cenovus Energy’s dividend payout ratio is currently 51.39%.

Insiders Place Their Bets

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