Cenovus Energy (TSE:CVE) Price Target Raised to C$41.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective lifted by JPMorgan Chase & Co. from C$25.00 to C$41.00 in a research report report published on Tuesday,BayStreet.CA reports.

A number of other analysts have also weighed in on the company. TD Securities raised their target price on Cenovus Energy from C$28.00 to C$35.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Morgan Stanley lowered their price objective on shares of Cenovus Energy from C$31.00 to C$29.00 in a research report on Friday, January 23rd. Jefferies Financial Group raised their price objective on shares of Cenovus Energy from C$30.00 to C$37.00 in a research report on Monday, March 16th. Raymond James Financial raised their price target on shares of Cenovus Energy from C$33.00 to C$42.00 in a report on Monday, March 30th. Finally, The Goldman Sachs Group raised shares of Cenovus Energy to a “strong-buy” rating in a report on Friday, January 2nd. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of C$39.08.

Cenovus Energy Stock Performance

TSE CVE opened at C$35.50 on Tuesday. The firm has a market cap of C$66.73 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 0.09 and a beta of 0.07. The company has a 50 day moving average of C$32.89 and a 200-day moving average of C$27.37. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 53.80. Cenovus Energy has a 1-year low of C$16.02 and a 1-year high of C$38.50.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings data on Thursday, February 19th. The company reported C$0.50 earnings per share for the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. The company had revenue of C$10.88 billion during the quarter. On average, equities analysts forecast that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 31st were given a dividend of $0.20 per share. The ex-dividend date was Friday, March 13th. This represents a $0.80 annualized dividend and a dividend yield of 2.3%. Cenovus Energy’s payout ratio is currently 36.28%.

Insider Activity at Cenovus Energy

In other news, insider John F. Soini sold 10,275 shares of Cenovus Energy stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of C$35.13, for a total transaction of C$360,960.75. Following the completion of the sale, the insider owned 2,114 shares in the company, valued at C$74,264.82. The trade was a 82.94% decrease in their position. 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.