National Bankshares Forecasts Strong Price Appreciation for Cenovus Energy (TSE:CVE) Stock

Key Points

• Cenovus Energy's target price has been raised to C$29.00 by National Bankshares, indicating a potential upside of 23.46% from its current stock price.
• Analysts have shown a positive trend for Cenovus Energy, with ratings including two "Strong Buy", nine "Buy", and one "Hold", resulting in a consensus rating of "Buy".
• During midday trading, Cenovus Energy's stock increased, reaching C$23.49, with a market capitalization of C$42.28 billion.

Cenovus Energy (TSE:CVE - Free Report) NYSE: CVE had its price objective increased by National Bankshares from C$28.00 to C$29.00 in a research report released on Wednesday,BayStreet.CA reports. They currently have an outperform rating on the stock.

Other research analysts also recently issued research reports about the company. Desjardins raised their target price on Cenovus Energy from C$27.50 to C$29.00 in a research note on Monday, August 25th. ATB Capital raised their price target on Cenovus Energy from C$25.00 to C$28.00 and gave the company an "outperform" rating in a report on Monday, August 25th. Jefferies Financial Group raised their price target on Cenovus Energy from C$25.00 to C$29.00 and gave the company a "buy" rating in a report on Tuesday, September 2nd. Veritas lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Finally, Royal Bank Of Canada lifted their price target on 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. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of C$27.90.

Cenovus Energy Stock Performance

CVE traded up C$0.23 on Wednesday, hitting C$23.61. The company's stock had a trading volume of 16,157,254 shares, compared to its average volume of 7,526,396. The company's 50 day simple moving average is C$21.07 and its 200-day simple moving average is C$19.28. The firm has a market cap of C$42.49 billion, a P/E ratio of 16.40, a price-to-earnings-growth ratio of 0.09 and a beta of 0.78. Cenovus Energy has a 12 month low of C$14.48 and a 12 month high of C$25.31. 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 Announces Dividend

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

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of the business's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of C$20.28, for a total transaction of C$13,886,994.98. 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.