Cenovus Energy Inc. (TSE:CVE) Given Average Recommendation of “Buy” by Analysts

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has been given an average recommendation of “Buy” by the twelve ratings firms that are currently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and three have given a strong buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is C$28.95.

A number of equities research analysts have weighed in on the company. Desjardins lifted their target price on Cenovus Energy from C$33.00 to C$33.50 and gave the company a “buy” rating in a research report on Friday, December 12th. The Goldman Sachs Group upgraded Cenovus Energy to a “strong-buy” rating in a report on Friday, January 2nd. Royal Bank Of Canada lowered their price objective on shares of Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating for the company in a research note on Tuesday, January 13th. Morgan Stanley cut their target price on shares of Cenovus Energy from C$31.00 to C$29.00 in a research report on Friday. Finally, Raymond James Financial upgraded shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating and boosted their price target for the company from C$30.00 to C$32.00 in a report on Thursday, October 9th.

Cenovus Energy Trading Up 1.2%

CVE stock opened at C$25.72 on Monday. Cenovus Energy has a 12 month low of C$14.48 and a 12 month high of C$26.36. The firm’s 50-day moving average is C$24.23 and its 200 day moving average is C$23.17. The company has a market capitalization of C$48.52 billion, a PE ratio of 14.87, a P/E/G ratio of 0.09 and a beta of 0.50. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00.

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

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were issued a $0.20 dividend. The ex-dividend date was Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.1%. Cenovus Energy’s dividend payout ratio (DPR) is currently 43.93%.

Insider Buying and Selling at Cenovus Energy

In related news, Director Michael John Crothers acquired 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The shares were bought at an average price of C$24.23 per share, with a total value of C$48,460.00. Following the completion of the transaction, the director directly owned 8,000 shares in the company, valued at C$193,840. This trade represents a 33.33% increase in their ownership of the stock. 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.