Cenovus Energy Inc. (TSE:CVE) Given Consensus Recommendation of "Buy" by Analysts

Key Points

• Analysts maintain a “Buy” consensus on Cenovus Energy, with 10 buy, two strong-buy, and two hold ratings. The average 12-month price target is C$44.44, while several firms recently raised targets to C$51.
• Company insiders sold 601,524 shares worth approximately $25.5 million over the past 90 days, including substantial sales by director Alex Pourbaix and insider John F. Soini.
• Cenovus reported quarterly earnings of C$1.53 per share on C$17.43 billion in revenue and announced a quarterly dividend of $0.22 per share, representing a 2.0% annualized yield.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE has been given a consensus recommendation of "Buy" by the fourteen analysts that are currently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is C$44.44.

CVE has been the subject of several research analyst reports. Royal Bank Of Canada lifted their price target on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the company an "outperform" rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. increased their price objective on shares of Cenovus Energy from C$45.00 to C$51.00 in a research report on Thursday, July 30th. Scotiabank raised their target price on Cenovus Energy from C$49.00 to C$51.00 and gave the company a "sector outperform" rating in a research note on Thursday, July 30th. Raymond James Financial boosted their target price on Cenovus Energy from C$41.00 to C$46.00 and gave the company an "outperform" rating in a research report on Thursday, July 30th. Finally, UBS Group downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 2nd.

Insider Buying and Selling

In other Cenovus Energy news, insider John F. Soini sold 26,223 shares of the business's stock in a transaction on Friday, August 21st. The shares were sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the completion of the sale, the insider owned 2,114 shares in the company, valued at approximately C$94,960.88. The trade was a 92.54% decrease in their position. Also, Director Alex Pourbaix sold 432,731 shares of the business's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of C$42.05, for a total transaction of C$18,196,338.55. Following the sale, the director owned 1,455,996 shares of the company's stock, valued at C$61,224,631.80. This trade represents a 22.91% decrease in their position. Insiders have sold a total of 601,524 shares of company stock worth $25,546,211 in the last ninety days. Corporate insiders own 32.03% of the company's stock.

Cenovus Energy Stock Performance

TSE CVE opened at C$44.83 on Tuesday. The business has a 50 day simple moving average of C$41.02 and a 200 day simple moving average of C$37.96. Cenovus Energy has a one year low of C$21.62 and a one year high of C$46.13. The stock has a market capitalization of C$82.68 billion, a P/E ratio of 12.45, a P/E/G ratio of 0.09 and a beta of 0.19. The company has a debt-to-equity ratio of 34.01, a current ratio of 1.63 and a quick ratio of 1.00.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last issued its earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. The business had revenue of C$17.43 billion during the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. Research analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy's dividend payout ratio is presently 22.78%.

Cenovus Energy Company Profile

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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