Cenovus Energy (TSE:CVE) Given New C$46.00 Price Target at TD

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective boosted by TD from C$45.00 to C$46.00 in a research note released on Wednesday morning,BayStreet.CA reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts also recently commented on the stock. National Bank Financial boosted their price objective on shares of Cenovus Energy from C$30.00 to C$57.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 31st. JPMorgan Chase & Co. cut their price target on Cenovus Energy from C$47.00 to C$45.00 in a report on Thursday, July 9th. Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a research note on Friday, June 26th. UBS Group raised their price objective on Cenovus Energy from C$36.00 to C$41.00 in a research report on Thursday, April 9th. Finally, Royal Bank Of Canada lifted their target price on Cenovus Energy from C$45.00 to C$47.00 and gave the company an “outperform” rating in a research note on Tuesday, May 19th. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Cenovus Energy currently has an average rating of “Buy” and an average price target of C$41.47.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at C$40.86 on Wednesday. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29. The stock’s fifty day moving average price is C$38.46 and its 200-day moving average price is C$34.08. The firm has a market cap of C$76.20 billion, a P/E ratio of 16.28, a P/E/G ratio of 0.09 and a beta of 0.17. Cenovus Energy has a 12 month low of C$19.05 and a 12 month high of C$44.13.

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

Cenovus Energy Increases Dividend

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

Insider Buying and Selling at Cenovus Energy

In related news, insider Susan Mary Anderson-Olney sold 19,379 shares of the business’s 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 transaction, the insider directly owned 33,275 shares in the company, valued at C$1,392,226. The trade was a 36.80% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were 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 in the company, valued at C$45,192,486.24. This represents a 5.72% decrease in their ownership of the stock. In the last quarter, insiders have sold 225,897 shares of company stock valued at $8,990,614. 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.