Morgan Stanley Cuts Cenovus Energy (TSE:CVE) Price Target to C$29.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price lowered by Morgan Stanley from C$31.00 to C$29.00 in a report released on Friday,BayStreet.CA reports.

A number of other brokerages have also recently weighed in on CVE. JPMorgan Chase & Co. cut Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price target for the company. in a research report on Tuesday, January 20th. Desjardins boosted their target price on Cenovus Energy from C$33.00 to C$33.50 and gave the stock a “buy” rating in a report on Friday, December 12th. National Bankshares increased their price target on Cenovus Energy from C$28.00 to C$29.00 and gave the company an “outperform” rating in a report on Friday, January 9th. Royal Bank Of Canada dropped their price target on shares of Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 13th. Finally, The Goldman Sachs Group raised shares of Cenovus Energy to a “strong-buy” rating in a report on Friday, January 2nd. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Cenovus Energy currently has a consensus rating of “Buy” and a consensus target price of C$28.95.

Cenovus Energy Stock Performance

CVE stock opened at C$25.72 on Friday. The firm has a 50 day moving average of C$24.23 and a two-hundred day moving average of C$23.17. Cenovus Energy has a 12 month low of C$14.48 and a 12 month high of C$26.36. The company has a market capitalization of C$48.52 billion, a price-to-earnings ratio of 14.87, a P/E/G ratio of 0.09 and a beta of 0.50. 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 (TSE:CVE) (NYSE:CVE) last released its quarterly earnings results on Friday, October 31st. The company reported C$0.72 earnings per share for the quarter. The business had revenue of C$13.20 billion for the quarter. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.67%. As a group, equities analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.20 per share. The ex-dividend date was Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.1%. Cenovus Energy’s payout ratio is 43.93%.

Insider Buying and Selling at Cenovus Energy

In related news, Director Michael John Crothers acquired 2,000 shares of the stock in a transaction dated Monday, December 15th. The shares were acquired at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the completion of the purchase, the director owned 8,000 shares in the company, valued at approximately C$193,840. The trade was a 33.33% increase in their position. 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.