Cenovus Energy Inc. (TSE:CVE) Given Average Rating of “Buy” by Brokerages

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have received a consensus rating of “Buy” from the eight research firms that are covering the stock, MarketBeat Ratings reports. Eight investment analysts have rated the stock with a buy recommendation. The average 12-month price target among brokers that have issued ratings on the stock in the last year is C$30.67.

Several analysts have recently issued reports on the stock. Royal Bank of Canada lowered their price objective on shares of Cenovus Energy from C$28.00 to C$26.00 in a research note on Tuesday, January 14th. TD Securities cut their price objective on shares of Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating on the stock in a report on Friday, December 13th. National Bankshares decreased their price objective on shares of Cenovus Energy from C$31.00 to C$29.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. BMO Capital Markets lowered their price objective on shares of Cenovus Energy from C$28.00 to C$25.00 in a research report on Friday, December 13th. Finally, Raymond James boosted their price objective on Cenovus Energy from C$32.00 to C$33.00 in a research report on Friday, December 13th.

Insider Activity at Cenovus Energy

In other news, Senior Officer Jeffery George Lawson purchased 5,000 shares of the stock in a transaction that occurred on Friday, December 27th. The stock was acquired at an average price of C$21.17 per share, with a total value of C$105,832.00. Also, insider Cenovus Energy Inc. bought 44,700 shares of the stock in a transaction on Monday, December 2nd. The shares were acquired at an average cost of C$22.07 per share, for a total transaction of C$986,658.63. Over the last ninety days, insiders have acquired 55,300 shares of company stock valued at $1,214,190. Company insiders own 32.03% of the company’s stock.

Cenovus Energy Trading Up 1.9 %

Shares of CVE opened at C$22.19 on Thursday. The company has a debt-to-equity ratio of 33.34, a quick ratio of 1.00 and a current ratio of 1.66. The company has a market capitalization of C$41.27 billion, a PE ratio of 8.84, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The stock has a fifty day moving average of C$21.78 and a two-hundred day moving average of C$23.70. Cenovus Energy has a fifty-two week low of C$19.82 and a fifty-two week high of C$29.96.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.24%. Cenovus Energy’s dividend payout ratio is currently 28.69%.

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.