Cenovus Energy (TSE:CVE) Upgraded at Desjardins

Desjardins upgraded shares of Cenovus Energy (TSE:CVE) (NYSE:CVE) to a moderate buy rating in a report published on Thursday morning,Zacks.com reports.

A number of other research firms also recently issued reports on CVE. TD lifted their price target on shares of Cenovus Energy from C$35.00 to C$45.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Scotia upped their price target on Cenovus Energy from C$38.00 to C$44.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. UBS Group raised their price objective on Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. JPMorgan Chase & Co. lowered their target price on Cenovus Energy from C$47.00 to C$45.00 in a report on Thursday, July 9th. Finally, Royal Bank Of Canada raised their price target on Cenovus Energy from C$45.00 to C$47.00 and gave the company an “outperform” rating in a research report on Tuesday, May 19th. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of C$41.40.

Cenovus Energy Stock Performance

Shares of CVE opened at C$39.20 on Thursday. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 42.29. Cenovus Energy has a 52-week low of C$19.05 and a 52-week high of C$44.13. The company has a 50-day simple moving average of C$38.47 and a 200-day simple moving average of C$33.65. The company has a market capitalization of C$73.10 billion, a PE ratio of 15.62, a P/E/G ratio of 0.09 and a beta of 0.17.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Wednesday, May 6th. The company reported C$0.84 EPS for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. The firm had revenue of C$12.36 billion for the quarter. Equities research analysts predict that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Monday, June 15th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio is currently 31.87%.

Insiders Place Their Bets

In other Cenovus Energy news, insider Susan Mary Anderson-Olney sold 19,379 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of C$41.84, for a total transaction of C$810,817.36. Following the sale, the insider owned 33,275 shares in the company, valued at approximately C$1,392,226. This represents a 36.80% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the transaction, the insider directly owned 1,143,824 shares of the company’s stock, valued at C$45,192,486.24. The trade was a 5.72% decrease in their position. In the last quarter, insiders have sold 225,897 shares of company stock worth $8,990,614. 32.03% of the stock is owned by insiders.

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.