Cenovus Energy (TSE:CVE) Cut to Strong Sell at Veritas

Veritas lowered shares of Cenovus Energy (TSE:CVE) (NYSE:CVE) from a hold rating to a strong sell rating in a research report sent to investors on Monday,Zacks.com reports.

CVE has been the topic of several other reports. TD Securities boosted their target price on Cenovus Energy from C$28.00 to C$35.00 and gave the company a “buy” rating in a research note on Friday, February 20th. ATB Cormark Capital Markets lifted their price target on shares of Cenovus Energy from C$29.00 to C$34.00 in a report on Monday. Raymond James Financial upped their price objective on shares of Cenovus Energy from C$30.00 to C$33.00 and gave the stock a “strong-buy” rating in a report on Friday, February 20th. Morgan Stanley dropped their target price on shares of Cenovus Energy from C$31.00 to C$29.00 in a research report on Friday, January 23rd. Finally, National Bank Financial lifted their target price on shares of Cenovus Energy from C$29.00 to C$34.00 and gave the company an “outperform” rating in a research note on Tuesday, February 3rd. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$32.00.

Cenovus Energy Stock Down 2.0%

Shares of TSE:CVE opened at C$30.01 on Monday. The stock’s 50-day moving average is C$26.00 and its 200 day moving average is C$24.54. The company has a market cap of C$56.61 billion, a PE ratio of 17.35, a P/E/G ratio of 0.09 and a beta of 0.65. 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 has a 1 year low of C$14.48 and a 1 year high of C$32.04.

Cenovus Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 31st were given 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 2.7%. Cenovus Energy’s payout ratio is presently 43.93%.

Insider Transactions at Cenovus Energy

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

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.