Cenovus Energy (TSE:CVE) Price Target Lowered to C$28.00 at TD Securities

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target cut by TD Securities from C$29.00 to C$28.00 in a research report report published on Monday,BayStreet.CA reports. They currently have a buy rating on the stock.

CVE has been the topic of several other reports. National Bank Financial lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 20th. Raymond James boosted their price target on shares of Cenovus Energy from C$32.00 to C$33.00 in a research note on Friday, December 13th. BMO Capital Markets reduced their price target on shares of Cenovus Energy from C$28.00 to C$25.00 in a research note on Friday, December 13th. Jefferies Financial Group reduced their price target on shares of Cenovus Energy from C$32.00 to C$30.00 in a research note on Thursday, January 30th. Finally, Royal Bank of Canada reduced their price target on shares of Cenovus Energy from C$28.00 to C$26.00 in a research note on Tuesday, January 14th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Cenovus Energy currently has an average rating of “Moderate Buy” and an average target price of C$29.89.

Cenovus Energy Stock Performance

TSE:CVE opened at C$19.95 on Monday. 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 firm has a market capitalization of C$36.34 billion, a price-to-earnings ratio of 9.83, a PEG ratio of 0.09 and a beta of 2.63. The company’s 50-day moving average is C$21.48 and its two-hundred day moving average is C$22.67. Cenovus Energy has a 1-year low of C$19.80 and a 1-year high of C$29.96.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 31st were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend was Friday, December 13th. Cenovus Energy’s payout ratio is currently 35.49%.

Insider Buying and Selling

In other news, insider Cenovus Energy Inc. purchased 44,700 shares of the stock in a transaction on Monday, December 2nd. The stock was bought at an average price of C$22.07 per share, for a total transaction of C$986,658.63. Also, Senior Officer Jeffery George Lawson purchased 4,600 shares of the stock in a transaction on Friday, December 13th. The shares were purchased at an average price of C$21.74 per share, with a total value of C$100,004.00. Insiders have acquired a total of 70,300 shares of company stock valued at $1,527,610 in the last ninety days. Company 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.