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

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE has received an average recommendation of "Moderate Buy" from the ten analysts that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is C$28.15.

A number of equities research analysts have recently weighed in on CVE shares. Scotiabank upgraded shares of Cenovus Energy to a "strong-buy" rating in a research note on Wednesday, March 19th. CIBC cut their target price on shares of Cenovus Energy from C$32.00 to C$28.00 in a research report on Thursday, April 10th. JPMorgan Chase & Co. cut their target price on shares of 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. 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. Finally, National Bankshares downgraded shares of Cenovus Energy from an "outperform" rating to a "sector perform" rating and cut their target price for the stock from C$28.00 to C$25.00 in a research report on Friday, February 21st.

Cenovus Energy Price Performance

Shares of CVE traded down C$0.13 during mid-day trading on Friday, reaching C$20.04. The company had a trading volume of 7,923,595 shares, compared to its average volume of 6,713,212. The company's 50 day simple moving average is C$17.85 and its 200 day simple moving average is C$19.64. Cenovus Energy has a 1-year low of C$14.48 and a 1-year high of C$28.39. 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 company has a market capitalization of C$36.50 billion, a price-to-earnings ratio of 9.88, a P/E/G 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 given a $0.20 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.99%. This is an increase from Cenovus Energy's previous quarterly dividend of $0.18. Cenovus Energy's payout ratio is 35.49%.

Insider Transactions at Cenovus Energy

In related news, Senior Officer John F. Soini acquired 5,880 shares of the stock in a transaction dated Wednesday, April 9th. The stock was bought at an average price of C$16.89 per share, for a total transaction of C$99,313.20. Also, Senior Officer Jonathan Michael Mckenzie acquired 50,000 shares of the stock in a transaction dated 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. In the last 90 days, insiders have bought 56,880 shares of company stock worth $1,041,948 and have sold 3,674,143 shares worth $72,553,456. Corporate insiders own 32.03% of the company's stock.

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.