Cenovus Energy (TSE:CVE) Price Target Cut to C$28.00 by Analysts at Royal Bank of Canada

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective cut by Royal Bank of Canada from C$29.00 to C$28.00 in a research note issued to investors on Friday morning, BayStreet.CA reports. They currently have an outperform rating on the stock.

Several other research analysts also recently commented on CVE. TD Securities raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 3rd. BMO Capital Markets dropped their price objective on shares of Cenovus Energy from C$31.00 to C$28.00 and set an “outperform” rating for the company in a report on Friday. Raymond James reduced their price objective on Cenovus Energy from C$33.00 to C$32.00 in a research note on Tuesday, October 15th. National Bankshares lowered their target price on Cenovus Energy from C$38.00 to C$31.00 in a research report on Friday, September 27th. Finally, 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 on the stock in a research report on Monday, September 16th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Cenovus Energy presently has an average rating of “Buy” and a consensus target price of C$31.90.

Cenovus Energy Price Performance

Shares of TSE:CVE opened at C$22.55 on Friday. 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 has a twelve month low of C$19.82 and a twelve month high of C$29.96. The stock has a market capitalization of C$41.94 billion, a PE ratio of 8.98, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The firm’s 50 day moving average price is C$23.47 and its 200-day moving average price is C$25.84.

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend is Friday, December 13th. Cenovus Energy’s dividend payout ratio is currently 28.69%.

Insider Transactions at Cenovus Energy

In other news, Senior Officer Jeffery George Lawson purchased 4,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average cost of C$22.50 per share, for a total transaction of C$90,000.00. In other Cenovus Energy news, Senior Officer Jeffery George Lawson acquired 4,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was bought at an average price of C$22.50 per share, for a total transaction of C$90,000.00. Also, Senior Officer Geoffrey Murray bought 3,200 shares of Cenovus Energy stock in a transaction on Tuesday, September 17th. The stock was acquired at an average price of C$22.54 per share, for a total transaction of C$72,112.00. In the last quarter, insiders bought 152,700 shares of company stock worth $3,470,597. 32.03% of the stock is currently owned by insiders.

Cenovus Energy Company Profile

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.