Cenovus Energy (TSE:CVE) Given New C$30.00 Price Target at Scotiabank

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective upped by Scotiabank from C$29.00 to C$30.00 in a research note released on Tuesday morning,BayStreet.CA reports. The brokerage currently has a sector perform rating on the stock.

A number of other analysts also recently issued reports on CVE. Morgan Stanley raised their price objective on Cenovus Energy from C$26.00 to C$31.00 in a research report on Thursday, November 20th. The Goldman Sachs Group upgraded shares of Cenovus Energy to a “strong-buy” rating in a research report on Friday, January 2nd. Desjardins boosted their price target on shares of Cenovus Energy from C$33.00 to C$33.50 and gave the company a “buy” rating in a research note on Friday, December 12th. JPMorgan Chase & Co. cut shares of Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price objective for the company. in a research report on Tuesday. Finally, Royal Bank Of Canada dropped their target price on shares of Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating for the company in a report on Tuesday, January 13th. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of C$29.14.

Cenovus Energy Stock Down 2.7%

CVE stock opened at C$24.46 on Tuesday. Cenovus Energy has a one year low of C$14.48 and a one year high of C$26.36. The firm has a market cap of C$46.14 billion, a PE ratio of 14.14, a PEG ratio of 0.09 and a beta of 0.50. The firm’s 50 day moving average price is C$24.21 and its 200-day moving average price is C$23.05. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings data on Friday, October 31st. The company reported C$0.72 earnings per share for the quarter. Cenovus Energy had a return on equity of 12.67% and a net margin of 6.72%.The company had revenue of C$13.20 billion during the quarter. On average, equities research analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current year.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 31st were issued a dividend of $0.20 per share. The ex-dividend date was Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a yield of 3.3%. Cenovus Energy’s dividend payout ratio is 43.93%.

Insider Activity at Cenovus Energy

In other Cenovus Energy news, Director Michael John Crothers purchased 2,000 shares of the company’s stock in a transaction on Monday, December 15th. The stock was acquired at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the completion of the purchase, the director directly owned 8,000 shares in the company, valued at approximately C$193,840. The trade was a 33.33% increase in their position. 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.