Analysts Set Cenovus Energy Inc. (TSE:CVE) Price Target at C$29.89

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have been assigned a consensus recommendation of “Moderate Buy” from the nine research firms that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is C$29.89.

CVE has been the topic of a number of recent analyst reports. Raymond James lifted their price target on Cenovus Energy from C$32.00 to C$33.00 in a report on Friday, December 13th. Jefferies Financial Group lowered their target price on Cenovus Energy from C$32.00 to C$30.00 in a research note on Thursday, January 30th. BMO Capital Markets reduced their price target on shares of Cenovus Energy from C$28.00 to C$25.00 in a research report on Friday, December 13th. National Bankshares lowered shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from C$28.00 to C$25.00 in a research report on Friday, February 21st. Finally, National Bank Financial cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 20th.

Cenovus Energy Price Performance

Cenovus Energy stock opened at C$18.70 on Friday. Cenovus Energy has a 52 week low of C$17.42 and a 52 week high of C$29.96. The company’s 50 day moving average price is C$21.00 and its two-hundred day moving average price is C$22.16. The stock has a market cap of C$34.06 billion, a P/E ratio of 9.22, a P/E/G ratio of 0.09 and a beta of 2.63. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 31st will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.85%. The ex-dividend date is Friday, March 14th. Cenovus Energy’s dividend payout ratio (DPR) is presently 35.49%.

Insider Activity at Cenovus Energy

In related news, Senior Officer Karamjit Singh Sandhar purchased 6,000 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average cost of C$17.97 per share, for a total transaction of C$107,808.00. Also, Senior Officer Jeffery George Lawson acquired 5,000 shares of the business’s stock in a transaction dated Friday, December 27th. The stock was purchased at an average price of C$21.17 per share, with a total value of C$105,832.00. In the last ninety days, insiders acquired 32,050 shares of company stock worth $656,738. 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.