Jefferies Financial Group Issues Pessimistic Forecast for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target trimmed by Jefferies Financial Group from C$32.00 to C$30.00 in a research note published on Tuesday,BayStreet.CA reports.

Several other research analysts have also recently issued reports on the stock. TD Securities cut their target price on shares of Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating on the stock in a report on Friday, December 13th. 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, January 14th. National Bankshares lowered their price objective on shares of Cenovus Energy from C$31.00 to C$29.00 and set an “outperform” rating for the company in a research note on Thursday, December 19th. BMO Capital Markets dropped their target price on shares of Cenovus Energy from C$28.00 to C$25.00 in a report on Friday, December 13th. Finally, Raymond James boosted their price target on Cenovus Energy from C$32.00 to C$33.00 in a report on Friday, December 13th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of C$30.44.

Cenovus Energy Price Performance

Shares of TSE:CVE opened at C$21.59 on Tuesday. The company’s fifty day moving average is C$21.76 and its 200 day moving average is C$23.62. 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 52 week low of C$20.42 and a 52 week high of C$29.96. The stock has a market cap of C$40.16 billion, a PE ratio of 8.60, a PEG ratio of 0.09 and a beta of 2.63.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its earnings results on Thursday, October 31st. The company reported C$0.42 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.46 by C($0.04). Cenovus Energy had a net margin of 8.54% and a return on equity of 16.69%. During the same period in the prior year, the business posted $0.97 earnings per share. Research analysts anticipate that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Announces Dividend

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

Insider Activity

In other Cenovus Energy news, insider Cenovus Energy Inc. purchased 44,700 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was bought 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 acquired 5,000 shares of the business’s stock in a transaction on Friday, December 27th. The stock was acquired at an average price of C$21.17 per share, for a total transaction of C$105,832.00. Insiders bought a total of 55,300 shares of company stock worth $1,214,190 in the last quarter. 32.03% of the stock is owned by company insiders.

Cenovus Energy Company Profile

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.