National Bank Financial Cuts Cenovus Energy (TSE:CVE) Price Target to C$57.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective decreased by National Bank Financial from C$60.00 to C$57.00 in a research report sent to investors on Tuesday morning,BayStreet reports. National Bank Financial currently has an outperform rating on the stock.

Other equities analysts also recently issued research reports about the company. JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating and increased their price target for the stock from C$51.00 to C$58.00 in a research report on Tuesday, September 8th. Royal Bank Of Canada upped their price objective on shares of 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. Raymond James Financial increased their target price on shares of Cenovus Energy from C$46.00 to C$51.00 and gave the stock an “outperform” rating in a report on Wednesday, September 16th. UBS Group downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Finally, Scotiabank raised their target price on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a research report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Cenovus Energy currently has a consensus rating of “Buy” and a consensus price target of C$46.06.

Cenovus Energy Stock Up 2.5%

Shares of TSE CVE opened at C$44.77 on Tuesday. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63. The firm has a market capitalization of C$82.57 billion, a price-to-earnings ratio of 12.44, a PEG ratio of 0.09 and a beta of 0.28. The stock has a 50 day moving average price of C$44.09 and a 200 day moving average price of C$40.16. Cenovus Energy has a 52-week low of C$21.62 and a 52-week high of C$47.45.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. The company had revenue of C$17.43 billion for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. Sell-side analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Announces Dividend

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

Insider Buying and Selling

In related news, insider Jonathan Michael Mckenzie sold 104,974 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the completion of the sale, the insider directly owned 843,824 shares in the company, valued at C$36,697,905.76. This represents a 11.06% decrease in their position. Also, insider John F. Soini sold 26,223 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of C$44.92, for a total value of C$1,177,937.16. Following the sale, the insider directly owned 2,114 shares in the company, valued at approximately C$94,960.88. The trade was a 92.54% decrease in their position. Insiders sold 601,524 shares of company stock worth $25,546,211 in the last three months. 32.03% of the stock is owned by 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.