Cenovus Energy Inc. (TSE:CVE) Receives C$31.20 Average Price Target from Brokerages

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) has been given an average recommendation of “Buy” by the nine brokerages that are covering the company, MarketBeat Ratings reports. Nine research analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is C$31.20.

A number of research analysts recently weighed in on CVE shares. Royal Bank of Canada dropped their price target on shares of Cenovus Energy from C$29.00 to C$28.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Raymond James boosted their target price on Cenovus Energy from C$32.00 to C$33.00 in a research note on Friday, December 13th. Jefferies Financial Group reduced their target price on Cenovus Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a report on Friday, December 20th. BMO Capital Markets reduced their price objective on Cenovus Energy from C$28.00 to C$25.00 in a research note on Friday, December 13th. Finally, National Bankshares lowered their target price on Cenovus Energy from C$31.00 to C$29.00 and set an “outperform” rating on the stock in a research note on Thursday, December 19th.

Insiders Place Their Bets

In other news, Senior Officer Jeffery George Lawson purchased 4,600 shares of the stock in a transaction dated Friday, December 13th. The shares were purchased at an average cost of C$21.74 per share, with a total value of C$100,004.00. Insiders have purchased a total of 9,600 shares of company stock worth $211,699 over the last 90 days. Corporate insiders own 32.03% of the company’s stock.

Cenovus Energy Stock Up 0.1 %

Shares of TSE CVE opened at C$21.11 on Friday. The company has a debt-to-equity ratio of 33.34, a current ratio of 1.66 and a quick ratio of 1.00. Cenovus Energy has a 1 year low of C$19.82 and a 1 year high of C$29.96. The stock has a market capitalization of C$39.26 billion, a P/E ratio of 8.41, a P/E/G ratio of 0.09 and a beta of 2.63. The company has a 50-day moving average price of C$22.31 and a 200-day moving average price of C$24.31.

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 31st will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.41%. The ex-dividend date is Friday, December 13th. Cenovus Energy’s dividend payout ratio (DPR) is presently 28.69%.

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.