Cenovus Energy (TSE:CVE) Given New C$42.00 Price Target at Royal Bank Of Canada

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective raised by Royal Bank Of Canada from C$32.00 to C$42.00 in a report published on Wednesday,BayStreet.CA reports. They currently have an outperform rating on the stock.

Other equities research analysts have also issued reports about the company. The Goldman Sachs Group upgraded Cenovus Energy to a “strong-buy” rating in a report on Friday, January 2nd. Raymond James Financial lifted their price target on Cenovus Energy from C$33.00 to C$42.00 in a report on Monday, March 30th. Veritas upgraded Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. TD Securities raised their price objective on Cenovus Energy from C$28.00 to C$35.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Finally, Desjardins raised their price objective on Cenovus Energy from C$33.00 to C$36.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of C$36.17.

Cenovus Energy Stock Down 4.9%

Shares of Cenovus Energy stock opened at C$35.94 on Wednesday. The firm has a market cap of C$67.54 billion, a price-to-earnings ratio of 16.72, a P/E/G ratio of 0.09 and a beta of 0.07. The company has a debt-to-equity ratio of 53.80, a current ratio of 1.57 and a quick ratio of 1.00. Cenovus Energy has a 52-week low of C$14.48 and a 52-week high of C$38.50. The stock has a 50-day simple moving average of C$31.88 and a 200-day simple moving average of C$26.92.

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

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 31st were paid a $0.20 dividend. 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 that occurred on Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total value of C$360,960.75. Following the transaction, the insider directly owned 2,114 shares of the company’s stock, valued at approximately C$74,264.82. This trade represents a 82.94% decrease in their position. 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.