Cenovus Energy (TSE:CVE) Price Target Raised to C$46.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target lifted by Raymond James Financial from C$41.00 to C$46.00 in a research report released on Thursday morning,BayStreet.CA reports. Raymond James Financial currently has an outperform rating on the stock.

Several other brokerages have also issued reports on CVE. TD boosted their price target on shares of Cenovus Energy from C$45.00 to C$46.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Scotia raised their price objective on shares of Cenovus Energy from C$38.00 to C$44.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. UBS Group lifted their target price on shares of Cenovus Energy from C$36.00 to C$41.00 in a research report on Thursday, April 9th. JPMorgan Chase & Co. lowered their target price on shares of Cenovus Energy from C$47.00 to C$45.00 in a research note on Thursday, July 9th. Finally, Gerdes Energy Research raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and upped their target price for the company from C$42.00 to C$46.00 in a research note on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of C$43.73.

Cenovus Energy Price Performance

Shares of TSE:CVE opened at C$42.27 on Thursday. The firm has a market capitalization of C$77.96 billion, a PE ratio of 11.74, a PEG ratio of 0.09 and a beta of 0.17. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01. Cenovus Energy has a 1-year low of C$19.97 and a 1-year high of C$44.13. The business’s 50 day moving average is C$38.31 and its 200-day moving average is C$34.90.

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

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 15th. Cenovus Energy’s dividend payout ratio (DPR) is currently 22.78%.

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, insider Susan Mary Anderson-Olney sold 37,072 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of C$39.85, for a total transaction of C$1,477,319.20. Following the completion of the transaction, the insider directly owned 33,275 shares in the company, valued at C$1,326,008.75. This represents a 52.70% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of Cenovus Energy stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the transaction, the insider directly owned 1,143,824 shares of the company’s stock, valued at approximately C$45,192,486.24. The trade was a 5.72% decrease in their ownership of the stock. Insiders have sold 225,897 shares of company stock valued at $8,990,614 over the last quarter. Corporate insiders own 32.03% of the company’s stock.

Cenovus Energy News Summary

Here are the key news stories impacting Cenovus Energy this week:

• Positive Sentiment: Raymond James lifted its price target from C$41 to C$46 and maintained an “outperform” rating, implying approximately 8.3% potential upside from the referenced C$42.48 price. BayStreet.CA analyst ratings
• Positive Sentiment: Royal Bank of Canada raised its target from C$47 to C$51 and retained an “outperform” rating, indicating roughly 20.1% potential upside. BayStreet.CA analyst ratings
• Positive Sentiment: Scotiabank increased its target from C$49 to C$51 and kept a “sector outperform” rating, also pointing to approximately 20.1% potential upside. BayStreet.CA analyst ratings
• Positive Sentiment: TD raised its target from C$46 to C$49 and assigned a “buy” rating, representing about 15.3% potential upside. Tickerreport.com analyst ratings
• Positive Sentiment: JPMorgan increased its price target from C$45 to C$51, implying approximately 20.1% upside and reinforcing the bullish analyst consensus. BayStreet.CA analyst ratings

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.