Cenovus Energy Inc. (TSE:CVE) Receives Average Recommendation of “Buy” from Brokerages

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has been given an average rating of “Buy” by the eight ratings firms that are covering the company, MarketBeat reports. Eight analysts have rated the stock with a buy rating. The average 1-year price target among brokerages that have issued a report on the stock in the last year is C$30.67.

A number of analysts recently commented on the company. TD Securities lowered their price objective on Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating for the company in a research report on Friday, December 13th. Royal Bank of Canada lowered their price target on shares of Cenovus Energy from C$28.00 to C$26.00 in a research note on Tuesday, January 14th. National Bankshares reduced their price target on Cenovus Energy from C$31.00 to C$29.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. Raymond James increased their price target on shares of Cenovus Energy from C$32.00 to C$33.00 in a report on Friday, December 13th. Finally, Jefferies Financial Group decreased their target price on shares of Cenovus Energy from C$33.00 to C$32.00 and set a “buy” rating on the stock in a research report on Friday, December 20th.

Insider Transactions at Cenovus Energy

In other news, Senior Officer Jeffery George Lawson acquired 5,000 shares of the firm’s stock in a transaction dated Friday, December 27th. The stock was bought at an average cost of C$21.17 per share, for a total transaction of C$105,832.00. Also, insider Cenovus Energy Inc. bought 44,700 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were acquired at an average cost of C$22.07 per share, with a total value of C$986,658.63. Over the last three months, insiders have bought 55,300 shares of company stock worth $1,214,190. Insiders own 32.03% of the company’s stock.

Cenovus Energy Price Performance

Cenovus Energy stock opened at C$22.19 on Thursday. Cenovus Energy has a 52 week low of C$19.82 and a 52 week high of C$29.96. The company has a debt-to-equity ratio of 33.34, a quick ratio of 1.00 and a current ratio of 1.66. The business’s fifty day moving average is C$21.78 and its two-hundred day moving average is C$23.70. The firm has a market cap of C$41.27 billion, a P/E ratio of 8.84, a P/E/G ratio of 0.09 and a beta of 2.63.

Cenovus Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 31st were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.24%. The ex-dividend date was Friday, December 13th. Cenovus Energy’s dividend payout ratio (DPR) is 28.69%.

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.