Cenovus Energy (TSE:CVE) Price Target Raised to C$35.00 at CIBC

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target hoisted by CIBC from C$31.00 to C$35.00 in a research note issued to investors on Monday, BayStreet.CA reports. The brokerage currently has an outperform rating on the stock.

Several other brokerages also recently weighed in on CVE. Jefferies Financial Group upped their price objective on Cenovus Energy from C$28.00 to C$36.00 and gave the stock a buy rating in a research report on Friday, April 12th. Desjardins upped their price objective on Cenovus Energy from C$28.00 to C$29.50 and gave the stock a buy rating in a research report on Friday, March 22nd. BMO Capital Markets increased their target price on Cenovus Energy from C$29.00 to C$33.00 in a research report on Thursday, March 28th. Scotiabank dropped their target price on Cenovus Energy from C$31.00 to C$28.00 and set an outperform rating for the company in a research report on Tuesday, January 16th. Finally, Royal Bank of Canada increased their target price on Cenovus Energy from C$28.00 to C$32.00 in a research report on Tuesday, April 9th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of C$33.35.

Cenovus Energy Stock Performance

CVE opened at C$29.09 on Monday. The company has a debt-to-equity ratio of 34.64, a quick ratio of 1.00 and a current ratio of 1.56. Cenovus Energy has a 52-week low of C$19.82 and a 52-week high of C$29.96. The firm has a market cap of C$54.40 billion, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 0.09 and a beta of 2.78. The business’s fifty day moving average is C$26.28 and its 200-day moving average is C$24.49.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Thursday, February 15th. The company reported C$0.39 earnings per share for the quarter, topping the consensus estimate of C$0.33 by C$0.06. Cenovus Energy had a return on equity of 14.60% and a net margin of 7.87%. The business had revenue of C$13.13 billion during the quarter, compared to the consensus estimate of C$13.06 billion. During the same period in the prior year, the company earned $0.39 EPS. Sell-side analysts expect that Cenovus Energy will post 2.6887232 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 28th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.93%. Cenovus Energy’s dividend payout ratio (DPR) is 26.42%.

Insider Transactions at Cenovus Energy

In other news, Senior Officer Andrew Dahlin sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of C$25.99, for a total transaction of C$649,657.50. In related news, Senior Officer Rhona Marie Delfrari sold 18,000 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of C$29.21, for a total transaction of C$525,835.80. Also, Senior Officer Andrew Dahlin sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of C$25.99, for a total value of C$649,657.50. Insiders sold 87,000 shares of company stock worth $2,414,507 over the last ninety days. 31.50% of the stock is 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.