Desjardins Has Lowered Expectations for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price reduced by Desjardins from C$24.50 to C$22.50 in a report released on Tuesday morning,BayStreet.CA reports. Desjardins currently has a buy rating on the stock.

CVE has been the topic of several other research reports. JPMorgan Chase & Co. cut their target price on Cenovus Energy from C$34.00 to C$32.00 and set an “overweight” rating on the stock in a research report on Friday, April 11th. Royal Bank of Canada reduced their target price on shares of Cenovus Energy from C$28.00 to C$26.00 in a research note on Tuesday, January 14th. National Bankshares lowered shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from C$28.00 to C$25.00 in a research report on Friday, February 21st. TD Securities reduced their price objective on shares of Cenovus Energy from C$29.00 to C$28.00 and set a “buy” rating for the company in a research report on Monday, February 24th. Finally, Jefferies Financial Group dropped their target price on shares of Cenovus Energy from C$32.00 to C$30.00 in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$28.35.

Cenovus Energy Trading Up 3.7 %

CVE opened at C$16.75 on Tuesday. Cenovus Energy has a fifty-two week low of C$14.48 and a fifty-two week high of C$29.46. The firm has a market capitalization of C$30.51 billion, a PE ratio of 8.26, a P/E/G ratio of 0.09 and a beta of 2.63. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The company’s 50-day moving average is C$19.03 and its 200 day moving average is C$21.07.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 31st were given a dividend of $0.18 per share. The ex-dividend date was Friday, March 14th. This represents a $0.72 dividend on an annualized basis and a yield of 4.30%. Cenovus Energy’s dividend payout ratio is presently 35.49%.

Insider Transactions at Cenovus Energy

In related news, Senior Officer John F. Soini bought 4,104 shares of the business’s stock in a transaction on Tuesday, March 18th. The stock was acquired at an average price of C$19.48 per share, for a total transaction of C$79,945.92. Also, Senior Officer Jeffery George Lawson purchased 10,000 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were bought at an average price of C$21.39 per share, for a total transaction of C$213,900.00. Insiders acquired 31,934 shares of company stock worth $619,586 over the last quarter. Corporate insiders own 32.03% of the company’s stock.

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.