Cenovus Energy (TSE:CVE) Price Target Raised to C$41.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price upped by UBS Group from C$36.00 to C$41.00 in a report published on Thursday morning,BayStreet.CA reports.

CVE has been the subject of a number of other reports. TD Securities lifted their price objective on shares of Cenovus Energy from C$28.00 to C$35.00 and gave the company a “buy” rating in a report on Friday, February 20th. ATB Cormark Capital Markets lifted their price objective on shares of Cenovus Energy from C$29.00 to C$34.00 in a report on Monday, February 23rd. Raymond James Financial lifted their price objective on shares of Cenovus Energy from C$33.00 to C$42.00 in a report on Monday, March 30th. Royal Bank Of Canada lifted their price objective on shares of Cenovus Energy from C$32.00 to C$42.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, National Bank Financial lifted their price objective on shares of Cenovus Energy from C$30.00 to C$57.00 and gave the company an “outperform” rating in a report on Tuesday, March 31st. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of C$37.25.

Cenovus Energy Trading Up 0.9%

CVE opened at C$35.80 on Thursday. The company has a market cap of C$67.29 billion, a P/E ratio of 16.65, a price-to-earnings-growth ratio of 0.09 and a beta of 0.07. The company has a fifty day moving average price of C$32.21 and a two-hundred day moving average price of C$27.09. Cenovus Energy has a 1-year low of C$15.21 and a 1-year high of C$38.50. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 53.80.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings data on Thursday, February 19th. The company reported C$0.50 earnings per share (EPS) for the quarter. The firm had revenue of C$10.88 billion during the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. Analysts predict that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 31st were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, March 13th. Cenovus Energy’s dividend payout ratio (DPR) is presently 36.28%.

Insider Buying and Selling at Cenovus Energy

In related news, insider John F. Soini sold 10,275 shares of the firm’s stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of C$35.13, for a total transaction of C$360,960.75. Following the transaction, the insider directly owned 2,114 shares of the company’s stock, valued at C$74,264.82. This trade represents a 82.94% decrease in their ownership of the stock. 32.03% of the stock is owned by 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.