Cenovus Energy (TSE:CVE) Hits New 12-Month Low After Analyst Downgrade

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s share price reached a new 52-week low on Tuesday after TD Securities lowered their price target on the stock from C$29.00 to C$28.00. TD Securities currently has a buy rating on the stock. Cenovus Energy traded as low as C$19.80 and last traded at C$19.87, with a volume of 935459 shares traded. The stock had previously closed at C$20.54.

A number of other analysts also recently issued reports on the company. BMO Capital Markets dropped their price target on Cenovus Energy from C$28.00 to C$25.00 in a research report on Friday, December 13th. Raymond James raised their price objective on shares of Cenovus Energy from C$32.00 to C$33.00 in a research report on Friday, December 13th. National Bankshares cut Cenovus Energy from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from C$28.00 to C$25.00 in a research note on Friday, February 21st. National Bank Financial lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 20th. Finally, Royal Bank of Canada decreased their price objective on Cenovus Energy from C$28.00 to C$26.00 in a report on Tuesday, January 14th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of C$29.89.

Insider Buying and Selling at Cenovus Energy

In other news, insider Cenovus Energy Inc. acquired 44,700 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was acquired at an average price of C$22.07 per share, for a total transaction of C$986,658.63. Also, Senior Officer Karamjit Singh Sandhar bought 5,000 shares of the company’s stock in a transaction dated Wednesday, February 26th. The shares were acquired at an average price of C$20.05 per share, for a total transaction of C$100,250.00. Insiders acquired 70,300 shares of company stock valued at $1,527,610 in the last 90 days. Insiders own 32.03% of the company’s stock.

Cenovus Energy Stock Down 0.9 %

The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. The company has a fifty day simple moving average of C$21.48 and a 200 day simple moving average of C$22.67. The firm has a market capitalization of C$36.34 billion, a P/E ratio of 9.83, a P/E/G ratio of 0.09 and a beta of 2.63.

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. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date was Friday, December 13th. Cenovus Energy’s payout ratio is 35.49%.

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.