Cenovus Energy (TSE:CVE) Cut to “Sector Perform” at National Bankshares

National Bankshares lowered shares of Cenovus Energy (TSE:CVE) (NYSE:CVE) from an outperform rating to a sector perform rating in a report published on Friday,BayStreet.CA reports. National Bankshares currently has C$25.00 target price on the stock, down from their prior target price of C$28.00.

A number of other research analysts have also commented on CVE. Jefferies Financial Group dropped their price objective on shares of Cenovus Energy from C$32.00 to C$30.00 in a research note on Thursday, January 30th. Royal Bank of Canada dropped their price objective on shares of Cenovus Energy from C$28.00 to C$26.00 in a research note on Tuesday, January 14th. BMO Capital Markets dropped their price objective on shares of Cenovus Energy from C$28.00 to C$25.00 in a research note on Friday, December 13th. TD Securities dropped 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 research note on Friday, December 13th. Finally, Raymond James lifted their price objective on shares of Cenovus Energy from C$32.00 to C$33.00 in a research note on Friday, December 13th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of C$30.00.

Cenovus Energy Price Performance

Shares of TSE:CVE opened at C$20.75 on Friday. The company’s fifty day moving average price is C$21.52 and its 200 day moving average price is C$22.72. Cenovus Energy has a 12 month low of C$20.16 and a 12 month high of C$29.96. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The firm has a market capitalization of C$37.80 billion, a P/E ratio of 10.23, a P/E/G ratio of 0.09 and a beta of 2.63.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 31st were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.47%. The ex-dividend date was Friday, December 13th. Cenovus Energy’s payout ratio is 35.49%.

Insider Buying and Selling

In other Cenovus Energy news, Senior Officer Jeffery George Lawson purchased 4,600 shares of Cenovus Energy stock in a transaction on Friday, December 13th. The shares were bought at an average price of C$21.74 per share, with a total value of C$100,004.00. Also, insider Cenovus Energy Inc. purchased 44,700 shares of Cenovus Energy stock in a transaction on Monday, December 2nd. The stock was acquired at an average cost of C$22.07 per share, for a total transaction of C$986,658.63. Over the last 90 days, insiders have purchased 65,300 shares of company stock valued at $1,427,360. Corporate insiders own 32.03% of the company’s stock.

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.