Cenovus Energy (TSE:CVE) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Key Points

• Jefferies Financial Group has raised its price target for Cenovus Energy from C$24.00 to C$25.00, indicating a potential upside of 21.07% from the previous close.
• Other analysts, including Raymond James and Royal Bank of Canada, have also increased their price targets for Cenovus Energy, with an overall consensus target price of C$27.17.
• Cenovus Energy's stock has seen recent trading activity, closing at C$20.65 with a market capitalization of C$37.62 billion.

Cenovus Energy (TSE:CVE - Free Report) NYSE: CVE had its price objective lifted by Jefferies Financial Group from C$24.00 to C$25.00 in a research report sent to investors on Monday morning,BayStreet.CA reports.

Several other analysts have also recently commented on the company. Veritas cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Desjardins lifted their target price on shares of Cenovus Energy from C$27.00 to C$27.50 and gave the stock a "buy" rating in a research note on Friday, August 1st. Raymond James Financial increased their target price on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. TD Securities boosted their price target on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, Royal Bank Of Canada upped their price objective on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of C$27.17.

Cenovus Energy Price Performance

CVE stock traded up C$1.51 during trading on Monday, hitting C$22.68. The stock had a trading volume of 22,649,213 shares, compared to its average volume of 7,180,504. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$26.47. The company's 50-day moving average price is C$19.96 and its two-hundred day moving average price is C$19.12. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The stock has a market capitalization of C$41.31 billion, a P/E ratio of 11.18, a PEG ratio of 0.09 and a beta of 2.63.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 30th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, June 13th. This is a boost from Cenovus Energy's previous quarterly dividend of $0.18. Cenovus Energy's dividend payout ratio is presently 35.49%.

Insiders Place Their Bets

In related news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of the stock in a transaction that occurred 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. Insiders sold 4,281,552 shares of company stock valued at $84,922,463 in the last ninety days. 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.