Cenovus Energy (TSE:CVE) Upgraded by TD Securities to Strong-Buy

TD Securities upgraded shares of Cenovus Energy (TSE:CVE) (NYSE:CVE) from a hold rating to a strong-buy rating in a research note released on Thursday morning, Zacks.com reports.

A number of other equities research analysts also recently issued reports on the stock. Jefferies Financial Group reduced their price target on shares of Cenovus Energy from C$36.00 to C$33.00 and set a buy rating for the company in a research report on Monday, September 16th. National Bankshares decreased their target price on Cenovus Energy from C$38.00 to C$31.00 in a research report on Friday, September 27th. Scotiabank dropped their price target on Cenovus Energy from C$35.00 to C$34.00 in a research report on Friday, July 12th. Desjardins boosted their price objective on shares of Cenovus Energy from C$31.50 to C$33.00 and gave the stock a buy rating in a research report on Tuesday, July 23rd. Finally, Royal Bank of Canada dropped their target price on shares of Cenovus Energy from C$33.00 to C$29.00 in a report on Tuesday, September 17th. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Cenovus Energy has a consensus rating of Buy and an average target price of C$32.92.

Cenovus Energy Trading Up 4.0 %

TSE:CVE opened at C$24.17 on Thursday. Cenovus Energy has a 1 year low of C$19.82 and a 1 year 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 stock has a fifty day moving average price of C$24.53 and a two-hundred day moving average price of C$26.43. The stock has a market capitalization of C$44.96 billion, a price-to-earnings ratio of 9.63, a PEG ratio of 0.09 and a beta of 2.67.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Thursday, August 1st. The company reported C$0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.72 by C($0.19). Cenovus Energy had a net margin of 8.54% and a return on equity of 16.69%. The company had revenue of C$14.89 billion during the quarter, compared to analysts’ expectations of C$13.44 billion. As a group, sell-side analysts anticipate that Cenovus Energy will post 2.0660125 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 27th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.98%. The ex-dividend date was Friday, September 13th. Cenovus Energy’s payout ratio is 28.69%.

Insider Buying and Selling

In other Cenovus Energy news, Senior Officer Jeffery George Lawson acquired 7,500 shares of the stock in a transaction dated Monday, August 12th. The stock was acquired at an average price of C$25.98 per share, with a total value of C$194,850.00. In related news, Senior Officer Geoffrey Murray purchased 3,200 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were bought at an average price of C$22.54 per share, with a total value of C$72,112.00. Also, Senior Officer Jeffery George Lawson acquired 7,500 shares of the stock in a transaction dated Monday, August 12th. The shares were bought at an average cost of C$25.98 per share, with a total value of C$194,850.00. Over the last 90 days, insiders have bought 152,200 shares of company stock worth $3,459,477. 32.03% of the stock is owned by insiders.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.