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

Key Points

• Cenovus Energy Inc. has received a consensus rating of "Buy" from twelve brokerages, with nine analysts assigning a buy rating and two giving a strong buy rating.
• The average target price for Cenovus Energy's stock is C$27.90, with several analysts raising their price targets recently, including ATB Capital increasing it to C$28.00.
• The company declared a quarterly dividend of $0.20 per share, effective September 29, which equates to an annualized dividend yield of 3.4%.

Shares of Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE have been given a consensus rating of "Buy" by the twelve brokerages that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is C$27.90.

CVE has been the topic of several analyst reports. ATB Capital lifted their target price on shares of Cenovus Energy from C$25.00 to C$28.00 and gave the stock an "outperform" rating in a research note on Monday, August 25th. National Bank Financial raised shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. Royal Bank Of Canada lifted their target price on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Raymond James Financial lifted their price target 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. Finally, National Bankshares lifted their price target on shares of Cenovus Energy from C$28.00 to C$29.00 and gave the company an "outperform" rating in a report on Wednesday, September 10th.

Cenovus Energy Stock Up 0.9%

Shares of TSE CVE opened at C$23.61 on Tuesday. 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 has a 52 week low of C$14.48 and a 52 week high of C$25.31. The firm's fifty day moving average is C$21.56 and its 200 day moving average is C$19.51. The company has a market cap of C$42.49 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 0.09 and a beta of 0.78.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 29th will be issued a $0.20 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.80 annualized dividend and a yield of 3.4%. Cenovus Energy's payout ratio is 51.39%.

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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