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

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price raised by National Bankshares from C$28.00 to C$29.00 in a report released on Wednesday morning,BayStreet.CA reports. They currently have an outperform rating on the stock.

Several other brokerages have also weighed in on CVE. Raymond James Financial increased their price objective on Cenovus Energy from C$29.00 to C$30.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Desjardins lifted their price objective on Cenovus Energy from C$27.50 to C$29.00 in a report on Monday, August 25th. Jefferies Financial Group lifted their price objective on Cenovus Energy from C$25.00 to C$29.00 and gave the stock a “buy” rating in a report on Tuesday, September 2nd. ATB Capital lifted their price objective on Cenovus Energy from C$25.00 to C$28.00 and gave the stock an “outperform” rating in a report on Monday, August 25th. Finally, Royal Bank Of Canada lifted their price objective on Cenovus Energy from C$25.00 to C$26.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of C$28.20.

Cenovus Energy Trading Up 4.9%

TSE:CVE opened at C$23.68 on Wednesday. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The firm has a market cap of C$42.62 billion, a price-to-earnings ratio of 16.44, a price-to-earnings-growth ratio of 0.09 and a beta of 0.78. Cenovus Energy has a 52 week low of C$14.48 and a 52 week high of C$25.31. The firm has a 50-day moving average price of C$20.90 and a two-hundred day moving average price of C$19.25.

Cenovus Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 29th will be paid a $0.20 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.80 annualized dividend and a yield of 3.4%. Cenovus Energy’s dividend payout ratio (DPR) is currently 51.39%.

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of the firm’s stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of C$20.28, for a total value of C$13,886,994.98. 32.03% of the stock is currently owned by 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.