Cenovus Energy FY2029 EPS Lowered by Raymond James Financial

Key Points

• Raymond James Financial has decreased its FY2029 earnings per share forecast for Cenovus Energy from $2.90 to $2.88, while maintaining an "Outperform" rating with a target price of $30.00.
• Cenovus Energy recently raised its quarterly dividend to $0.20 per share, reflecting a yield of 3.9% and an increase from the previous dividend of $0.18.
• Insider activity saw Hutchison Whampoa Europe Investments S.à r.l. selling over 2.4 million shares and a senior officer acquiring 50,000 shares at a total value of approximately $924,500.

Cenovus Energy Inc. (TSE:CVE - Free Report) NYSE: CVE - Equities research analysts at Raymond James Financial reduced their FY2029 earnings per share (EPS) estimates for Cenovus Energy in a report issued on Thursday, July 31st. Raymond James Financial analyst M. Barth now forecasts that the company will post earnings per share of $2.88 for the year, down from their previous forecast of $2.90. Raymond James Financial currently has a "Outperform" rating and a $30.00 target price on the stock. The consensus estimate for Cenovus Energy's current full-year earnings is $2.26 per share.

CVE has been the topic of a number of other reports. Royal Bank Of Canada boosted their target price on Cenovus Energy from C$25.00 to C$26.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. TD Securities increased their target price on Cenovus Energy from C$25.00 to C$26.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Desjardins upped their price target on shares of Cenovus Energy from C$27.00 to C$27.50 and gave the company a "buy" rating in a research note on Friday, August 1st. JPMorgan Chase & Co. dropped their price objective on shares of Cenovus Energy from C$34.00 to C$32.00 and set an "overweight" rating for the company in a research note on Friday, April 11th. Finally, Veritas downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of C$27.72.

Cenovus Energy Stock Performance

TSE:CVE traded down C$0.02 during mid-day trading on Monday, hitting C$20.37. 3,049,040 shares of the company traded hands, compared to its average volume of 6,997,855. The stock's fifty day moving average price is C$19.48 and its 200-day moving average price is C$19.18. The firm has a market cap of C$37.11 billion, a price-to-earnings ratio of 10.04, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. 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 one year low of C$14.48 and a one year high of C$27.44.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 30th were paid a $0.20 dividend. This is an increase from Cenovus Energy's previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Friday, June 13th. Cenovus Energy's payout ratio is 35.49%.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of C$20.03, for a total value of C$48,849,820.34. Also, Senior Officer Jonathan Michael Mckenzie acquired 50,000 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was purchased at an average cost of C$18.49 per share, with a total value of C$924,500.00. Insiders have sold 4,358,981 shares of company stock worth $86,440,451 over the last 90 days. 32.03% of the stock is currently owned by company insiders.

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.