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

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target lifted by Scotiabank from C$27.00 to C$29.00 in a research report report published on Tuesday,BayStreet.CA reports. The firm currently has an outperform rating on the stock.

Several other equities research analysts have also weighed in on CVE. ATB Capital increased their target price on shares of Cenovus Energy from C$25.00 to C$28.00 and gave the stock an “outperform” rating in a report on Monday, August 25th. National Bankshares increased their target price on shares of Cenovus Energy from C$28.00 to C$29.00 and gave the stock an “outperform” rating in a report on Wednesday, September 10th. Desjardins increased their target price on shares of Cenovus Energy from C$27.50 to C$29.00 in a report on Monday, August 25th. Raymond James Financial upgraded shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from C$30.00 to C$32.00 in a report on Thursday, October 9th. Finally, Jefferies Financial Group increased their target price on shares of Cenovus Energy from C$25.00 to C$29.00 and gave the stock a “buy” rating in a report on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of C$28.18.

Cenovus Energy Price Performance

Shares of CVE stock opened at C$24.22 on Tuesday. Cenovus Energy has a 1 year low of C$14.48 and a 1 year high of C$25.97. The firm’s 50 day moving average is C$22.90 and its 200-day moving average is C$20.02. The firm has a market capitalization of C$43.07 billion, a price-to-earnings ratio of 16.82, a PEG ratio of 0.09 and a beta of 0.66. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 29th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.80 annualized dividend and a dividend yield of 3.3%. Cenovus Energy’s dividend payout ratio is currently 51.39%.

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.