Cenovus Energy Inc. (TSE:CVE) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has been given a consensus recommendation of “Moderate Buy” by the ten analysts that are presently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is C$29.89.

Several analysts have issued reports on the stock. National Bankshares downgraded shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from C$28.00 to C$25.00 in a research report on Friday, February 21st. National Bank Financial downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 20th. Jefferies Financial Group cut their price objective on shares of Cenovus Energy from C$32.00 to C$30.00 in a report on Thursday, January 30th. BMO Capital Markets lowered their target price on Cenovus Energy from C$28.00 to C$25.00 in a research note on Friday, December 13th. Finally, Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a research note on Wednesday, March 19th.

Cenovus Energy Price Performance

Shares of TSE CVE opened at C$20.00 on Tuesday. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. Cenovus Energy has a 1-year low of C$17.42 and a 1-year high of C$29.96. The company has a market capitalization of C$36.43 billion, a price-to-earnings ratio of 9.86, a PEG ratio of 0.09 and a beta of 2.63. The business has a 50-day moving average of C$20.41 and a 200-day moving average of C$21.68.

Cenovus Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 31st were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.60%. The ex-dividend date was Friday, March 14th. Cenovus Energy’s payout ratio is currently 35.49%.

Insiders Place Their Bets

In other Cenovus Energy news, Senior Officer Jeffery George Lawson bought 10,000 shares of the company’s stock in a transaction on Friday, February 21st. The shares were bought at an average cost of C$21.39 per share, with a total value of C$213,900.00. Also, Senior Officer Karamjit Singh Sandhar purchased 5,000 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The stock was acquired at an average cost of C$20.05 per share, with a total value of C$100,250.00. Insiders have bought a total of 26,054 shares of company stock valued at $520,272 in the last quarter. 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.