ATB Cormark Capital Markets Issues Positive Forecast for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective lifted by ATB Cormark Capital Markets from C$29.00 to C$34.00 in a research report sent to investors on Monday,BayStreet.CA reports.

Several other equities research analysts have also issued reports on the stock. Desjardins lifted their price target on shares of Cenovus Energy from C$33.00 to C$36.00 and gave the company a “buy” rating in a research note on Friday. Raymond James Financial raised their price objective on Cenovus Energy from C$30.00 to C$33.00 and gave the company a “strong-buy” rating in a report on Friday. Royal Bank Of Canada upped their target price on Cenovus Energy from C$31.00 to C$32.00 and gave the stock an “outperform” rating in a report on Friday. Morgan Stanley reduced their price target on Cenovus Energy from C$31.00 to C$29.00 in a research report on Friday, January 23rd. Finally, BMO Capital Markets lowered their price target on Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating on the stock in a research report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of C$32.00.

Cenovus Energy Stock Performance

TSE:CVE opened at C$30.88 on Monday. The company has a market cap of C$58.25 billion, a P/E ratio of 17.85, a price-to-earnings-growth ratio of 0.09 and a beta of 0.65. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$32.04. The business has a 50 day moving average price of C$25.72 and a two-hundred day moving average price of C$24.43. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 31st were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.6%. Cenovus Energy’s payout ratio is presently 43.93%.

Insider Transactions at Cenovus Energy

In related news, Director Michael John Crothers acquired 2,000 shares of Cenovus Energy stock in a transaction on Monday, December 15th. The stock was purchased at an average cost of C$24.23 per share, with a total value of C$48,460.00. Following the completion of the transaction, the director directly owned 8,000 shares in the company, valued at C$193,840. This trade represents a 33.33% increase in their position. 32.03% of the stock is owned by corporate 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.