Cenovus Energy (TSE:CVE) Given New C$28.00 Price Target at CIBC

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price decreased by CIBC from C$32.00 to C$28.00 in a research report sent to investors on Thursday morning,BayStreet.CA reports.

Several other equities research analysts have also weighed in on CVE. Royal Bank of Canada cut their target price on shares of Cenovus Energy from C$28.00 to C$26.00 in a report on Tuesday, January 14th. Jefferies Financial Group lowered their price objective on shares of Cenovus Energy from C$32.00 to C$30.00 in a research report on Thursday, January 30th. National Bank Financial lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 20th. Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a report on Wednesday, March 19th. Finally, TD Securities cut their price objective on Cenovus Energy from C$29.00 to C$28.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of C$29.40.

Cenovus Energy Stock Performance

Shares of CVE stock opened at C$15.81 on Thursday. The stock has a market cap of C$28.80 billion, a PE ratio of 7.79, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The stock has a 50-day moving average of C$19.44 and a 200-day moving average of C$21.26. 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 one year low of C$14.48 and a one year high of C$29.65.

Cenovus Energy Announces Dividend

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

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, Senior Officer John F. Soini purchased 4,104 shares of the business’s stock in a transaction on Tuesday, March 18th. The shares were purchased at an average cost of C$19.48 per share, with a total value of C$79,945.92. Also, Senior Officer Jeffery George Lawson acquired 10,000 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was bought at an average price of C$21.39 per share, with a total value of C$213,900.00. Insiders acquired 31,934 shares of company stock valued at $619,586 in the last ninety days. 32.03% of the stock is currently owned by corporate 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.