Scotia Analysts Give Cenovus Energy (TSE:CVE) a C$38.00 Price Target
by Mitch Edgeman · The Markets DailyScotia set a C$38.00 target price on Cenovus Energy (TSE:CVE – Free Report) (NYSE:CVE) in a report issued on Tuesday morning,BayStreet.CA reports. The firm currently has a sector outperform rating on the stock.
Several other equities research analysts have also commented on CVE. UBS Group upped their price target on shares of Cenovus Energy from C$36.00 to C$41.00 in a research report on Thursday, April 9th. Morgan Stanley dropped their price objective on shares of Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd. JPMorgan Chase & Co. boosted their target price on shares of Cenovus Energy from C$25.00 to C$41.00 in a research report on Tuesday, April 14th. Raymond James Financial upped their target price on shares of Cenovus Energy from C$33.00 to C$42.00 in a report on Monday, March 30th. Finally, BMO Capital Markets decreased their price target on shares of Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating on the stock in a research report on Friday, February 20th. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy presently has an average rating of “Buy” and a consensus target price of C$39.00.
View Our Latest Report on Cenovus Energy
Cenovus Energy Stock Performance
Shares of CVE opened at C$36.17 on Tuesday. The firm has a market capitalization of C$67.99 billion, a P/E ratio of 16.82, a PEG ratio of 0.09 and a beta of 0.07. The company has a debt-to-equity ratio of 53.80, a current ratio of 1.57 and a quick ratio of 1.00. Cenovus Energy has a one year low of C$16.02 and a one year high of C$38.50. The business has a fifty day moving average of C$33.49 and a 200 day moving average of C$27.76.
Cenovus Energy (TSE:CVE – Get Free Report) (NYSE:CVE) last posted its earnings results on Thursday, February 19th. The company reported C$0.50 earnings per share for the quarter. The company had revenue of C$10.88 billion for the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%. As a group, sell-side analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current year.
Cenovus Energy Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.80 annualized dividend and a yield of 2.2%. Cenovus Energy’s payout ratio is currently 36.28%.
Insider Buying and Selling at Cenovus Energy
In other news, insider John F. Soini sold 10,275 shares of the stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of C$35.13, for a total value of C$360,960.75. Following the completion of the sale, the insider directly owned 2,114 shares of the company’s stock, valued at C$74,264.82. This represents a 82.94% decrease in their ownership of the stock. 32.03% of the stock is currently owned by insiders.
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.