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

Key Points

• Cenovus Energy Inc. has received an average rating of "Buy" from twelve ratings firms, with nine recommending a buy and two a strong buy, while the average price target is C$27.70.
• The company recently increased its quarterly dividend from $0.18 to $0.20 per share, resulting in a yield of 3.4%.
• Insider activity has seen approximately 4.3 million shares sold by insiders over the last quarter, accounting for 32.03% of the stock owned by insiders.

Shares of Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE have received a consensus recommendation of "Buy" from the twelve ratings firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is C$27.70.

A number of brokerages recently weighed in on CVE. National Bankshares raised shares of Cenovus Energy from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from C$24.00 to C$28.00 in a research report on Monday, August 25th. Royal Bank Of Canada upped their price objective on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the company an "outperform" rating in a report on Friday, August 1st. TD Securities increased their target price on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Veritas lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Raymond James Financial boosted their target price on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the company an "outperform" rating in a report on Friday, August 1st.

Insider Activity at Cenovus Energy

In related news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of C$20.28, for a total value of C$13,886,994.98. Insiders sold a total of 4,281,552 shares of company stock worth $84,922,463 in the last 90 days. 32.03% of the stock is currently owned by insiders.

Cenovus Energy Trading Down 2.1%

TSE:CVE traded down C$0.50 during trading hours on Friday, reaching C$22.84. 11,346,638 shares of the stock were exchanged, compared to its average volume of 7,328,622. The business has a 50-day moving average of C$20.27 and a two-hundred day moving average of C$19.15. The company has a market capitalization of C$41.11 billion, a price-to-earnings ratio of 15.86, a PEG ratio of 0.09 and a beta of 0.73. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$25.68. 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 Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 30th were issued a $0.20 dividend. This is a boost from Cenovus Energy's previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, June 13th. Cenovus Energy's payout ratio is 51.39%.

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.