Cenovus Energy Inc. (TSE:CVE) Given Consensus Rating of "Buy" by Analysts

Key Points

• Cenovus Energy Inc. has received a consensus rating of "Buy" from twelve analysts, with one hold, nine buy, and two strong buy recommendations.
• The average target price for Cenovus Energy stock is C$28.18, with notable increases from several analysts, including a rise to C$32.00 by Raymond James Financial.
• The company recently announced a quarterly dividend of $0.20 per share, representing an annualized yield of 3.4%.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE has been assigned an average rating of "Buy" from the twelve analysts that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, nine have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have covered the stock in the last year is C$28.18.

A number of analysts recently issued reports on the company. National Bankshares increased their target price on Cenovus Energy from C$28.00 to C$29.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 10th. Raymond James Financial upgraded shares of Cenovus Energy from an "outperform" rating to a "strong-buy" rating and boosted their target price for the stock from C$30.00 to C$32.00 in a report on Thursday, October 9th. JPMorgan Chase & Co. lowered their target price on shares of Cenovus Energy from C$32.00 to C$29.00 and set an "overweight" rating on the stock in a report on Thursday, September 11th. Desjardins boosted their target price on shares of Cenovus Energy from C$27.50 to C$29.00 in a report on Monday, August 25th. Finally, National Bank Financial upgraded shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, August 22nd.

Cenovus Energy Price Performance

TSE CVE opened at C$23.54 on Friday. The business has a 50 day simple moving average of C$23.11 and a 200 day simple moving average of C$20.10. Cenovus Energy has a 52-week low of C$14.48 and a 52-week high of C$25.97. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The stock has a market cap of C$41.86 billion, a price-to-earnings ratio of 16.35, a PEG ratio of 0.09 and a beta of 0.66.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 29th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Monday, September 15th. Cenovus Energy's payout ratio is presently 51.39%.

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.

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