Cenovus Energy (TSE:CVE) Price Target Lowered to C$29.00 at Morgan Stanley

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target trimmed by Morgan Stanley from C$31.00 to C$29.00 in a report issued on Friday morning,BayStreet.CA reports.

CVE has been the topic of a number of other reports. JPMorgan Chase & Co. downgraded Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 target price on the stock. in a research report on Tuesday. National Bankshares lifted their price objective on Cenovus Energy from C$28.00 to C$29.00 and gave the stock an “outperform” rating in a report on Friday, January 9th. Raymond James Financial upgraded Cenovus Energy from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the company from C$30.00 to C$32.00 in a research report on Thursday, October 9th. Scotiabank raised their target price on Cenovus Energy from C$29.00 to C$30.00 and gave the stock a “hold” rating in a research report on Tuesday. Finally, Royal Bank Of Canada decreased their price target on shares of Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 13th. Three 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 company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of C$28.95.

Cenovus Energy Trading Up 1.2%

Shares of Cenovus Energy stock opened at C$25.72 on Friday. Cenovus Energy has a 1 year low of C$14.48 and a 1 year high of C$26.36. The company’s fifty day simple moving average is C$24.23 and its 200-day simple moving average is C$23.13. The company has a market cap of C$48.52 billion, a price-to-earnings ratio of 14.87, a PEG ratio of 0.09 and a beta of 0.50. 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 (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings results on Friday, October 31st. The company reported C$0.72 earnings per share for the quarter. The firm had revenue of C$13.20 billion during the quarter. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.67%. As a group, sell-side analysts expect that Cenovus Energy will post 2.2619279 EPS for the current year.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 31st were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.1%. The ex-dividend date was Monday, December 15th. Cenovus Energy’s dividend payout ratio is currently 43.93%.

Insider Activity

In other news, Director Michael John Crothers bought 2,000 shares of Cenovus Energy stock in a transaction dated Monday, December 15th. The shares were bought at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the purchase, the director owned 8,000 shares of the company’s stock, valued at approximately C$193,840. This trade represents a 33.33% increase in their ownership of the stock. Insiders own 32.03% of the company’s stock.

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.