Cenovus Energy (TSE:CVE) Stock Price Down 9.2% on Analyst Downgrade

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) fell 9.2% during trading on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from C$34.00 to C$32.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Cenovus Energy traded as low as C$15.06 and last traded at C$15.37. 5,589,694 shares were traded during mid-day trading, a decline of 7% from the average session volume of 6,037,841 shares. The stock had previously closed at C$16.92.

CVE has been the subject of a number of other reports. CIBC reduced their price target on shares of Cenovus Energy from C$32.00 to C$28.00 in a research note on Thursday. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. National Bankshares cut Cenovus Energy from an “outperform” rating to a “sector perform” rating and lowered their price target for the company from C$28.00 to C$25.00 in a report on Friday, February 21st. Jefferies Financial Group cut their price objective on Cenovus Energy from C$32.00 to C$30.00 in a report on Thursday, January 30th. Finally, National Bank Financial downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of C$29.40.

Insider Buying and Selling

In other news, Senior Officer Jeffery George Lawson purchased 10,000 shares of the company’s stock in a transaction on Friday, February 21st. The stock was acquired at an average cost of C$21.39 per share, for a total transaction of C$213,900.00. Also, Senior Officer John F. Soini acquired 5,880 shares of Cenovus Energy stock in a transaction dated Wednesday, April 9th. The stock was purchased at an average cost of C$16.89 per share, with a total value of C$99,313.20. In the last three months, insiders have purchased 31,934 shares of company stock valued at $619,586. 32.03% of the stock is owned by company insiders.

Cenovus Energy Price Performance

The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The company has a market cap of C$28.80 billion, a P/E ratio of 7.79, a P/E/G ratio of 0.09 and a beta of 2.63. The firm’s fifty day moving average is C$19.44 and its two-hundred day moving average is C$21.26.

Cenovus Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 31st were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.55%. The ex-dividend date of this dividend was Friday, March 14th. Cenovus Energy’s dividend payout ratio (DPR) is 35.49%.

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.