Cenovus Energy (TSE:CVE) Price Target Raised to C$42.00 at Raymond James Financial

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target upped by Raymond James Financial from C$33.00 to C$42.00 in a research note published on Monday morning,BayStreet.CA reports.

CVE has been the subject of several other reports. Morgan Stanley decreased their price target on shares of Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd. Jefferies Financial Group lifted their target price on shares of Cenovus Energy from C$30.00 to C$37.00 in a research note on Monday, March 16th. Veritas upgraded Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. ATB Cormark Capital Markets raised their price target on Cenovus Energy from C$29.00 to C$34.00 in a research note on Monday, February 23rd. Finally, Gerdes Energy Research lowered Cenovus Energy from a “buy” rating to a “neutral” rating in a report on Friday, March 20th. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of C$33.42.

Cenovus Energy Stock Down 0.5%

Shares of Cenovus Energy stock opened at C$37.03 on Monday. Cenovus Energy has a 12-month low of C$14.48 and a 12-month high of C$38.50. The firm has a market capitalization of C$69.59 billion, a PE ratio of 17.22, a price-to-earnings-growth ratio of 0.09 and a beta of 0.63. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 53.80. The stock’s fifty day moving average is C$30.33 and its 200-day moving average is C$26.30.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its 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 during the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. Equities analysts anticipate that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st will be issued a $0.20 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.80 annualized dividend and a yield of 2.2%. Cenovus Energy’s dividend payout ratio is 36.28%.

Insiders Place Their Bets

In related news, insider John F. Soini sold 10,275 shares of the company’s stock in a transaction dated 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 sale, the insider owned 2,114 shares of the company’s stock, valued at C$74,264.82. The trade was a 82.94% decrease in their ownership of the stock. 32.03% of the stock is owned by corporate 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.