Analysts Set Cenovus Energy Inc. (TSE:CVE) Price Target at C$27.72

Key Points

• Cenovus Energy Inc. has received a consensus recommendation of “Moderate Buy” from eleven brokerages, with analysts issuing three hold ratings, seven buy ratings, and one strong buy rating.
• The company recently increased its quarterly dividend to $0.20, up from $0.18, which translates to an annualized yield of 3.9% and a payout ratio of 35.49%.
• Insider activity includes one significant sale where Hutchison Whampoa Europe Investments sold 684,838 shares at an average price of C$20.28, while a senior officer bought 50,000 shares at C$18.49 each.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE has received a consensus recommendation of "Moderate Buy" from the eleven analysts that are presently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is C$27.72.

A number of equities analysts recently issued reports on CVE shares. CIBC dropped their price objective on shares of Cenovus Energy from C$32.00 to C$28.00 in a report on Thursday, April 10th. Desjardins lifted their price target on shares of Cenovus Energy from C$27.00 to C$27.50 and gave the stock a "buy" rating in a research note on Friday, August 1st. Raymond James Financial upped their price objective on Cenovus Energy from C$29.00 to C$30.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Veritas downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Finally, Royal Bank Of Canada boosted their price target on Cenovus Energy from C$25.00 to C$26.00 and gave the company an "outperform" rating in a report on Friday, August 1st.

Insider Buying and Selling

In other news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of C$20.03, for a total transaction of C$48,849,820.34. Also, Senior Officer Jonathan Michael Mckenzie purchased 50,000 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was bought at an average price of C$18.49 per share, with a total value of C$924,500.00. Insiders have sold a total of 4,358,981 shares of company stock valued at $86,440,451 over the last quarter. Corporate insiders own 32.03% of the company's stock.

Cenovus Energy Stock Performance

CVE stock traded down C$0.02 during trading on Monday, reaching C$20.37. The stock had a trading volume of 3,049,040 shares, compared to its average volume of 6,997,855. The firm has a market cap of C$37.11 billion, a PE ratio of 10.04, a PEG ratio of 0.09 and a beta of 2.63. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The stock's 50 day moving average is C$19.48 and its two-hundred day moving average is C$19.18. Cenovus Energy has a 52 week low of C$14.48 and a 52 week high of C$27.44.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 30th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, June 13th. This represents a $0.80 annualized dividend and a yield of 3.9%. This is a boost from Cenovus Energy's previous quarterly dividend of $0.18. Cenovus Energy's dividend payout ratio (DPR) is 35.49%.

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.