Cenovus Energy Inc. (TSE:CVE) Given Average Recommendation of "Moderate Buy" by Brokerages

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE has been given an average rating of "Moderate Buy" by the ten ratings firms that are currently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is C$27.50.

Several research analysts have recently commented on the company. Scotiabank upgraded Cenovus Energy to a "strong-buy" rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. lowered their price target on Cenovus Energy from C$34.00 to C$32.00 and set an "overweight" rating for the company in a research report on Friday, April 11th. CIBC decreased their target price on Cenovus Energy from C$32.00 to C$28.00 in a report on Thursday, April 10th. Desjardins decreased their target price on Cenovus Energy from C$24.50 to C$22.50 and set a "buy" rating for the company in a report on Tuesday, April 15th. Finally, Veritas lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th.

Insiders Place Their Bets

In other Cenovus Energy news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of the firm's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of C$20.28, for a total value of C$13,886,994.98. Also, Senior Officer Jonathan Michael Mckenzie purchased 50,000 shares of the business's stock in a transaction on Tuesday, May 20th. The stock was acquired at an average price of C$18.49 per share, for a total transaction of C$924,500.00. Over the last 90 days, insiders sold 4,358,981 shares of company stock worth $86,440,451. 32.03% of the stock is owned by insiders.

Cenovus Energy Trading Up 2.1%

Cenovus Energy stock traded up C$0.42 during mid-day trading on Thursday, hitting C$20.06. The company's stock had a trading volume of 8,440,141 shares, compared to its average volume of 6,870,311. The firm has a market capitalization of C$36.54 billion, a PE ratio of 9.89, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. Cenovus Energy has a 1 year low of C$14.48 and a 1 year high of C$28.39. 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 fifty day moving average is C$18.89 and its two-hundred day moving average is C$19.38.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 30th were paid a $0.20 dividend. The ex-dividend date was Friday, June 13th. This is a boost from Cenovus Energy's previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a yield of 3.99%. Cenovus Energy's dividend payout ratio (DPR) is currently 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.