Cenovus Energy (TSE:CVE) Price Target Raised to C$33.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target lifted by Royal Bank of Canada from C$32.00 to C$33.00 in a research report sent to investors on Thursday morning, BayStreet.CA reports. They currently have an outperform rating on the stock.

Several other equities analysts also recently issued reports on the stock. CIBC raised their price target on shares of Cenovus Energy from C$31.00 to C$35.00 and gave the company an outperform rating in a research note on Monday, April 22nd. JPMorgan Chase & Co. lowered their target price on Cenovus Energy from C$35.00 to C$34.00 in a research report on Thursday, January 11th. TD Securities lifted their target price on Cenovus Energy from C$30.00 to C$32.00 and gave the stock a buy rating in a report on Thursday. Jefferies Financial Group raised their price objective on Cenovus Energy from C$28.00 to C$36.00 and gave the stock a buy rating in a research report on Friday, April 12th. Finally, BMO Capital Markets upped their target price on Cenovus Energy from C$29.00 to C$33.00 in a report on Thursday, March 28th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of C$33.19.

Cenovus Energy Trading Down 0.5 %

Shares of CVE opened at C$28.03 on Thursday. The company has a debt-to-equity ratio of 33.03, a quick ratio of 1.00 and a current ratio of 1.70. Cenovus Energy has a 52-week low of C$19.82 and a 52-week high of C$29.96. The firm has a market cap of C$52.42 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 0.09 and a beta of 2.78. The business’s fifty day moving average is C$26.88 and its 200-day moving average is C$24.49.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Thursday, February 15th. The company reported C$0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.33 by C$0.06. The business had revenue of C$13.13 billion during the quarter, compared to analysts’ expectations of C$13.06 billion. Cenovus Energy had a net margin of 8.72% and a return on equity of 16.11%. During the same period in the prior year, the company earned $0.39 EPS. Equities analysts anticipate that Cenovus Energy will post 2.7862823 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a $0.18 dividend. The ex-dividend date is Thursday, May 16th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.14. This represents a $0.72 annualized dividend and a yield of 2.57%. Cenovus Energy’s payout ratio is 30.58%.

Insiders Place Their Bets

In other news, Senior Officer Rhona Marie Delfrari sold 18,000 shares of Cenovus Energy stock in a transaction on Monday, April 8th. The shares were sold at an average price of C$29.21, for a total value of C$525,835.80. In other news, Senior Officer Jonathan Michael Mckenzie purchased 50,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were acquired at an average cost of C$23.49 per share, with a total value of C$1,174,500.00. Also, Senior Officer Rhona Marie Delfrari sold 18,000 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of C$29.21, for a total value of C$525,835.80. In the last three months, insiders have sold 87,000 shares of company stock worth $2,414,507. Corporate insiders own 31.50% of the company’s stock.

Cenovus Energy Company Profile

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.