Cenovus Energy (TSE:CVE) Downgraded to “Sector Perform” Rating by National Bankshares

National Bankshares downgraded shares of Cenovus Energy (TSE:CVE) (NYSE:CVE) from an outperform rating to a sector perform rating in a research report sent to investors on Friday morning,BayStreet.CA reports. National Bankshares currently has C$25.00 price objective on the stock, down from their previous price objective of C$28.00.

Several other equities analysts have also commented on the company. Raymond James raised their price target on Cenovus Energy from C$32.00 to C$33.00 in a research note on Friday, December 13th. TD Securities cut their price target on Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. Jefferies Financial Group cut their price target on Cenovus Energy from C$32.00 to C$30.00 in a research note on Thursday, January 30th. BMO Capital Markets cut their price target on Cenovus Energy from C$28.00 to C$25.00 in a research note on Friday, December 13th. Finally, Royal Bank of Canada cut their target price on Cenovus Energy from C$28.00 to C$26.00 in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of C$30.00.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at C$20.75 on Friday. The firm has a market cap of C$37.80 billion, a P/E ratio of 10.23, a P/E/G ratio of 0.09 and a beta of 2.63. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. Cenovus Energy has a 12 month low of C$20.16 and a 12 month high of C$29.96. The stock’s fifty day moving average price is C$21.54 and its 200-day moving average price is C$22.77.

Cenovus Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 31st were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend was Friday, December 13th. Cenovus Energy’s dividend payout ratio is presently 35.49%.

Insiders Place Their Bets

In other Cenovus Energy news, Senior Officer Jeffery George Lawson purchased 5,000 shares of the stock in a transaction on Friday, December 27th. The stock was acquired at an average price of C$21.17 per share, with a total value of C$105,832.00. Also, insider Cenovus Energy Inc. purchased 44,700 shares of the stock in a transaction on Monday, December 2nd. The stock was acquired at an average cost of C$22.07 per share, with a total value of C$986,658.63. Over the last 90 days, insiders acquired 65,300 shares of company stock valued at $1,427,360. 32.03% of the stock is currently owned by corporate 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.