Cenovus Energy Inc. (TSE:CVE) Receives Consensus Rating of "Buy" from Analysts

Key Points

• Cenovus Energy has a consensus analyst rating of “Buy”, with 11 buy ratings and 3 strong buy ratings among 15 brokerages covering the stock. The average 12-month price target is C$41.40.
• Several analysts recently adjusted their outlooks, including Scotia raising its target to C$44.00 and RBC lifting its target to C$47.00, while JPMorgan trimmed its target to C$45.00. Overall, recent commentary remains broadly positive.
• The company also increased its quarterly dividend to C$0.22 per share from C$0.20, implying an annualized dividend of C$0.88 and a yield of about 2.2%. Cenovus reported C$0.84 EPS on C$12.36 billion in revenue in its latest quarter.

Shares of Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE have received an average rating of "Buy" from the fifteen brokerages that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation, eleven have issued a buy recommendation and three have given a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is C$41.40.

Several equities research analysts have recently weighed in on the stock. Scotia increased their target price on shares of Cenovus Energy from C$38.00 to C$44.00 and gave the stock a "sector outperform" rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. dropped their price target on Cenovus Energy from C$47.00 to C$45.00 in a research report on Thursday, July 9th. UBS Group upped their price objective on Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. Royal Bank Of Canada increased their price objective on Cenovus Energy from C$45.00 to C$47.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 19th. Finally, National Bank Financial lifted their target price on Cenovus Energy from C$30.00 to C$57.00 and gave the company an "outperform" rating in a research note on Tuesday, March 31st.

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, insider Jonathan Michael Mckenzie sold 69,387 shares of the company's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of C$39.51, for a total transaction of C$2,741,480.37. Following the completion of the transaction, the insider owned 1,143,824 shares in the company, valued at approximately C$45,192,486.24. This represents a 5.72% decrease in their position. Also, insider Susan Mary Anderson-Olney sold 19,379 shares of the company'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 owned 33,275 shares of the company's stock, valued at approximately C$1,392,226. The trade was a 36.80% decrease in their position. Over the last ninety days, insiders have sold 225,897 shares of company stock valued at $8,990,614. Corporate insiders own 32.03% of the company's stock.

Cenovus Energy Price Performance

Shares of TSE:CVE opened at C$39.20 on Monday. The stock has a market cap of C$73.10 billion, a P/E ratio of 15.62, a P/E/G ratio of 0.09 and a beta of 0.17. The firm has a fifty day moving average price of C$38.47 and a 200 day moving average price of C$33.72. The company has a debt-to-equity ratio of 42.29, a current ratio of 1.57 and a quick ratio of 1.00. Cenovus Energy has a 1-year low of C$19.05 and a 1-year high of C$44.13.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last issued its quarterly earnings data on Wednesday, May 6th. The company reported C$0.84 earnings per share (EPS) for the quarter. The company had revenue of C$12.36 billion for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. Sell-side analysts predict that Cenovus Energy will post 2.2619279 EPS for the current year.

Cenovus Energy Increases Dividend

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

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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