Cenovus Energy Inc. (TSE:CVE) Receives C$28.15 Average PT from Analysts

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE has earned an average recommendation of "Moderate Buy" from the ten research firms that are covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is C$28.15.

A number of equities research analysts have commented on CVE shares. National Bankshares downgraded shares of Cenovus Energy from an "outperform" rating to a "sector perform" rating and dropped their price objective for the company from C$28.00 to C$25.00 in a research report on Friday, February 21st. Veritas downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Scotiabank raised Cenovus Energy to a "strong-buy" rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. cut their target price on Cenovus Energy from C$34.00 to C$32.00 and set an "overweight" rating on the stock in a research report on Friday, April 11th. Finally, National Bank Financial downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 20th.

Insider Buying and Selling at Cenovus Energy

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 on Friday, June 13th. The stock was sold at an average price of C$20.03, for a total value of C$48,849,820.34. Also, Senior Officer John F. Soini bought 5,880 shares of the business's stock in a transaction that occurred on Wednesday, April 9th. The stock was purchased at an average cost of C$16.89 per share, with a total value of C$99,313.20. In the last three months, insiders acquired 60,984 shares of company stock worth $1,121,894 and sold 3,674,143 shares worth $72,553,456. 32.03% of the stock is currently owned by insiders.

Cenovus Energy Stock Down 2.1%

Shares of Cenovus Energy stock traded down C$0.43 on Friday, reaching C$19.73. 1,330,317 shares of the company were exchanged, compared to its average volume of 6,506,263. The stock's 50 day moving average price is C$17.69 and its 200-day moving average price is C$19.65. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. Cenovus Energy has a 1-year low of C$14.48 and a 1-year high of C$28.39. The company has a market cap of C$35.94 billion, a P/E ratio of 9.72, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 30th will be paid a dividend of $0.20 per share. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.80 annualized dividend and a dividend yield of 4.05%. Cenovus Energy's payout ratio 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.