Cenovus Energy Inc. (TSE:CVE) Receives C$34.08 Average Price Target from Brokerages

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have been assigned a consensus rating of “Buy” from the nine brokerages that are currently covering the stock, Marketbeat reports. Nine investment analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is C$34.08.

A number of analysts recently issued reports on the company. Royal Bank of Canada upped their target price on Cenovus Energy from C$32.00 to C$33.00 and gave the company an “outperform” rating in a research report on Thursday, May 2nd. Raymond James set a C$33.00 target price on shares of Cenovus Energy and gave the stock an “outperform” rating in a research report on Wednesday, May 29th. TD Securities upped their price target on shares of Cenovus Energy from C$30.00 to C$32.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Scotiabank lowered their price objective on shares of Cenovus Energy from C$35.00 to C$34.00 in a research report on Friday, July 12th. Finally, Desjardins upped their target price on shares of Cenovus Energy from C$31.50 to C$33.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd.

Insiders Place Their Bets

In other Cenovus Energy news, Senior Officer Joseph Drew Zieglgansberger sold 17,441 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of C$28.25, for a total transaction of C$492,633.25. In other news, Director Michael John Crothers purchased 1,000 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were acquired at an average price of C$26.37 per share, for a total transaction of C$26,369.50. Also, Senior Officer Joseph Drew Zieglgansberger sold 17,441 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of C$28.25, for a total value of C$492,633.25. Over the last quarter, insiders acquired 24,000 shares of company stock worth $611,795 and sold 683,996 shares worth $17,605,807. 31.70% of the stock is currently owned by company insiders.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at C$25.74 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 33.34. Cenovus Energy has a 52 week low of C$19.82 and a 52 week high of C$29.96. The firm’s 50 day moving average is C$26.51 and its two-hundred day moving average is C$26.43. The firm has a market capitalization of C$47.88 billion, a P/E ratio of 10.25, a P/E/G ratio of 0.09 and a beta of 2.67.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Thursday, August 1st. The company reported C$0.53 EPS for the quarter, missing the consensus estimate of C$0.72 by C($0.19). Cenovus Energy had a return on equity of 16.69% and a net margin of 8.54%. The company had revenue of C$14.89 billion for the quarter, compared to analyst estimates of C$13.44 billion. Research analysts forecast that Cenovus Energy will post 2.8705882 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.80%. Cenovus Energy’s dividend payout ratio (DPR) is presently 28.69%.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.