National Bank Financial Analysts Give Cenovus Energy (TSE:CVE) a C$60.00 Price Target

National Bank Financial set a C$60.00 price objective on Cenovus Energy (TSE:CVE) (NYSE:CVE) in a research note issued to investors on Wednesday morning,BayStreet reports. The brokerage currently has an outperform rating on the stock.

Several other equities analysts have also recently commented on CVE. Royal Bank Of Canada increased their target price on Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. Canadian Imperial Bank of Commerce lifted their price target on shares of Cenovus Energy from C$48.00 to C$52.00 in a research note on Thursday, August 27th. Desjardins set a C$50.00 price target on shares of Cenovus Energy and gave the company a “buy” rating in a report on Friday, July 17th. Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and increased their price objective for the company from C$42.00 to C$46.00 in a research note on Monday, June 29th. Finally, Raymond James Financial increased their price objective on shares of Cenovus Energy from C$46.00 to C$51.00 and gave the company an “outperform” rating in a research note on Wednesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of C$45.19.

Cenovus Energy Trading Up 2.8%

TSE:CVE opened at C$46.25 on Wednesday. The stock has a market cap of C$85.30 billion, a price-to-earnings ratio of 12.85, a price-to-earnings-growth ratio of 0.09 and a beta of 0.19. Cenovus Energy has a one year low of C$21.62 and a one year high of C$47.45. 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 business’s 50-day simple moving average is C$43.77 and its 200 day simple moving average is C$39.79.

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

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is currently 22.78%.

Insider Transactions at Cenovus Energy

In related news, insider Jonathan Michael Mckenzie sold 104,974 shares of the company’s stock in a transaction that occurred 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 sale, the insider directly owned 843,824 shares of the company’s stock, valued at approximately 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 on Friday, August 21st. The stock was sold at an average price of C$44.92, for a total value of C$1,177,937.16. Following the transaction, the insider owned 2,114 shares in the company, valued at C$94,960.88. This trade represents a 92.54% decrease in their ownership of the stock. In the last quarter, insiders sold 601,524 shares of company stock worth $25,546,211. 32.03% of the stock is currently owned by corporate insiders.

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.