Cenovus Energy Inc. (TSE:CVE) Stock Has Consensus Target Price of C$46.75

Key Points

• Analysts remain bullish: Fifteen analysts give Cenovus Energy an average “Buy” rating, with a consensus 12-month price target of C$46.75. Recent upgrades and target increases included JPMorgan’s C$58 target and CIBC’s C$52 target.
• Insiders have been selling: 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 C$1.53 in quarterly EPS on C$17.43 billion in revenue and pays a quarterly dividend of $0.22, equivalent to an annualized $0.88 dividend and a 2.0% yield.

Shares of Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE have earned an average recommendation of "Buy" from the fifteen analysts that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is C$46.75.

A number of equities research analysts recently issued reports on CVE shares. JPMorgan Chase & Co. upgraded shares of Cenovus Energy from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from C$51.00 to C$58.00 in a report on Tuesday, September 8th. Canadian Imperial Bank of Commerce raised their target price on Cenovus Energy from C$48.00 to C$52.00 in a report on Thursday, August 27th. TD boosted their price target on Cenovus Energy from C$49.00 to C$50.00 and gave the stock a "buy" rating in a research report on Tuesday, October 13th. Desjardins boosted their price target on Cenovus Energy from C$52.00 to C$53.00 and gave the stock a "buy" rating in a research report on Tuesday, October 20th. Finally, Royal Bank Of Canada upped their price target on Cenovus Energy from C$47.00 to C$51.00 and gave the stock an "outperform" rating in a research note on Thursday, July 30th.

Insider Buying and Selling

In other Cenovus Energy news, Director Alex Pourbaix sold 30,186 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of C$42.17, for a total transaction of C$1,272,943.62. Following the transaction, the director owned 1,455,996 shares in the company, valued at C$61,399,351.32. This trade represents a 2.03% decrease in their ownership of the stock. Also, insider John F. Soini sold 26,223 shares of Cenovus Energy stock in a transaction that occurred 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 transaction, the insider directly owned 2,114 shares in the company, valued at approximately C$94,960.88. This represents a 92.54% decrease in their position. In the last ninety days, insiders sold 601,524 shares of company stock worth $25,546,211. 32.03% of the stock is currently owned by insiders.

Cenovus Energy Price Performance

TSE CVE opened at C$44.48 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 34.01. The stock has a market capitalization of C$82.03 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 0.09 and a beta of 0.28. The company has a 50 day moving average price of C$45.17 and a two-hundred day moving average price of C$37.74. Cenovus Energy has a 12-month low of C$21.62 and a 12-month high of C$47.46.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last announced its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. The company had revenue of C$17.43 billion for the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. As a group, equities analysts predict that Cenovus Energy will post 2.26 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.0%. The ex-dividend date was Tuesday, September 15th. Cenovus Energy's payout ratio is 22.78%.

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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