Cenovus Energy Inc. (TSE:CVE) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) have received an average recommendation of “Buy” from the eight analysts that are presently covering the company, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is C$30.67.

A number of research firms have issued reports on CVE. National Bankshares cut their price objective on shares of Cenovus Energy from C$31.00 to C$29.00 and set an “outperform” rating on the stock in a report on Thursday, December 19th. Royal Bank of Canada cut their price target on shares of Cenovus Energy from C$28.00 to C$26.00 in a report on Tuesday. TD Securities decreased their price objective on shares of Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating for the company in a research note on Friday, December 13th. Jefferies Financial Group cut their target price on Cenovus Energy from C$33.00 to C$32.00 and set a “buy” rating on the stock in a research note on Friday, December 20th. Finally, BMO Capital Markets decreased their price target on Cenovus Energy from C$28.00 to C$25.00 in a research report on Friday, December 13th.

Cenovus Energy Stock Up 1.1 %

Shares of TSE:CVE opened at C$21.64 on Thursday. The business’s 50 day moving average is C$21.82 and its 200 day moving average is C$23.81. Cenovus Energy has a 12-month low of C$19.82 and a 12-month high of C$29.96. The stock has a market cap of C$40.25 billion, a price-to-earnings ratio of 8.62, a PEG ratio of 0.09 and a beta of 2.63. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 33.34.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.72 annualized dividend and a dividend yield of 3.33%. Cenovus Energy’s payout ratio is 28.69%.

Insider Buying and Selling

In related news, insider Cenovus Energy Inc. purchased 44,700 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was purchased at an average cost of C$22.07 per share, with a total value of C$986,658.63. Also, Senior Officer Jeffery George Lawson purchased 4,600 shares of Cenovus Energy stock in a transaction dated Friday, December 13th. The stock was bought at an average price of C$21.74 per share, with a total value of C$100,004.00. In the last 90 days, insiders bought 55,300 shares of company stock valued at $1,214,190. 32.03% of the stock is 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.