Cenovus Energy (TSE:CVE) Given a C$38.00 Price Target at Scotia

Scotia set a C$38.00 price target on Cenovus Energy (TSE:CVE) (NYSE:CVE) in a report issued on Tuesday,BayStreet.CA reports. The firm currently has a sector outperform rating on the stock.

Other analysts have also issued research reports about the stock. Jefferies Financial Group upped their target price on shares of Cenovus Energy from C$30.00 to C$37.00 in a report on Monday, March 16th. The Goldman Sachs Group raised shares of Cenovus Energy to a “strong-buy” rating in a report on Friday, January 2nd. Desjardins upped their target price on shares of Cenovus Energy from C$33.00 to C$36.00 and gave the stock a “buy” rating in a report on Friday, February 20th. UBS Group upped their target price on shares of Cenovus Energy from C$36.00 to C$41.00 in a report on Thursday, April 9th. Finally, JPMorgan Chase & Co. upped their target price on shares of Cenovus Energy from C$25.00 to C$41.00 in a report on Tuesday, April 14th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of C$39.00.

Cenovus Energy Stock Performance

Shares of CVE stock opened at C$35.00 on Tuesday. The stock has a market capitalization of C$65.79 billion, a P/E ratio of 16.28, a PEG ratio of 0.09 and a beta of 0.07. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 53.80. The firm’s 50 day moving average is C$33.23 and its 200 day moving average is C$27.65. Cenovus Energy has a 12 month low of C$16.02 and a 12 month high of C$38.50.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Thursday, February 19th. The company reported C$0.50 EPS for the quarter. The company had revenue of C$10.88 billion for the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. On average, sell-side analysts anticipate that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 31st were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Friday, March 13th. Cenovus Energy’s dividend payout ratio is 36.28%.

Insiders Place Their Bets

In other news, insider John F. Soini sold 10,275 shares of the stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of C$35.13, for a total value of C$360,960.75. Following the transaction, the insider owned 2,114 shares of the company’s stock, valued at C$74,264.82. This represents a 82.94% decrease in their position. Company 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.