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

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target hoisted by National Bankshares from C$29.00 to C$34.00 in a research note released on Tuesday,BayStreet.CA reports. The firm currently has an outperform rating on the stock.

CVE has been the topic of several other reports. Raymond James Financial upgraded Cenovus Energy from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from C$30.00 to C$32.00 in a report on Thursday, October 9th. JPMorgan Chase & Co. lowered Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 target price on the stock. in a research note on Tuesday, January 20th. Royal Bank Of Canada lowered 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 research note on Tuesday, January 13th. Scotiabank upped their price target on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the stock a “hold” rating in a report on Tuesday, January 20th. Finally, The Goldman Sachs Group upgraded shares of Cenovus Energy to a “strong-buy” rating in a report on Friday, January 2nd. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of C$29.41.

Cenovus Energy Trading Up 2.3%

CVE stock opened at C$27.20 on Tuesday. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$27.98. The stock has a market capitalization of C$51.31 billion, a price-to-earnings ratio of 15.72, a price-to-earnings-growth ratio of 0.09 and a beta of 0.65. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. The firm’s fifty day simple moving average is C$24.44 and its two-hundred day simple moving average is C$23.53.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly 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 company had revenue of C$13.20 billion for the quarter. As a group, analysts anticipate that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, December 15th. Cenovus Energy’s dividend payout ratio is presently 43.93%.

Insider Activity

In other Cenovus Energy news, Director Michael John Crothers acquired 2,000 shares of Cenovus Energy stock in a transaction that occurred on Monday, December 15th. The stock was 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 purchase, the director directly owned 8,000 shares of the company’s stock, valued at approximately C$193,840. This represents a 33.33% increase in their position. Corporate 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.