Cenovus Energy (TSE:CVE) Given New C$35.00 Price Target at CIBC

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price increased by CIBC from C$31.00 to C$35.00 in a research note issued to investors on Monday morning, BayStreet.CA reports. They currently have an outperform rating on the stock.

CVE has been the subject of a number of other reports. BMO Capital Markets boosted their price target on shares of Cenovus Energy from C$29.00 to C$33.00 in a research report on Thursday, March 28th. Royal Bank of Canada boosted their price target on shares of Cenovus Energy from C$28.00 to C$32.00 in a research report on Tuesday, April 9th. Jefferies Financial Group upped their target price on shares of Cenovus Energy from C$28.00 to C$36.00 and gave the company a buy rating in a report on Friday, April 12th. Scotiabank reduced their target price on shares of Cenovus Energy from C$31.00 to C$28.00 and set an outperform rating for the company in a report on Tuesday, January 16th. Finally, Desjardins upped their target price on shares of Cenovus Energy from C$28.00 to C$29.50 and gave the company a buy rating in a report on Friday, March 22nd. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Cenovus Energy has an average rating of Moderate Buy and a consensus price target of C$33.19.

Cenovus Energy Stock Performance

Shares of CVE stock opened at C$28.94 on Monday. The company has a current ratio of 1.56, a quick ratio of 1.00 and a debt-to-equity ratio of 34.64. The firm has a fifty day moving average price of C$25.89 and a 200 day moving average price of C$24.41. The company has a market cap of C$54.12 billion, a P/E ratio of 13.65, a PEG ratio of 0.09 and a beta of 2.78. Cenovus Energy has a 12 month low of C$19.82 and a 12 month high of C$29.96.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Thursday, February 15th. The company reported C$0.39 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.33 by C$0.06. Cenovus Energy had a net margin of 7.87% and a return on equity of 14.60%. The firm had revenue of C$13.13 billion during the quarter, compared to analysts’ expectations of C$13.06 billion. During the same period in the previous year, the company earned $0.39 earnings per share. Sell-side analysts predict that Cenovus Energy will post 2.6887232 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 28th were issued a dividend of $0.14 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.56 annualized dividend and a yield of 1.94%. Cenovus Energy’s dividend payout ratio is currently 26.42%.

Insider Buying and Selling

In related news, Senior Officer Rhona Marie Delfrari sold 18,000 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of C$29.21, for a total transaction of C$525,835.80. In other Cenovus Energy news, Senior Officer Rhona Marie Delfrari sold 18,000 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of C$29.21, for a total transaction of C$525,835.80. Also, Senior Officer Jonathan Michael Mckenzie bought 50,000 shares of the stock in a transaction on Friday, February 16th. The shares were bought at an average price of C$23.49 per share, for a total transaction of C$1,174,500.00. Insiders sold 87,000 shares of company stock valued at $2,414,507 over the last ninety days. Corporate insiders own 31.50% of the company’s stock.

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.