Royal Bank of Canada Increases Cenovus Energy (TSE:CVE) Price Target to C$33.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price raised by Royal Bank of Canada from C$32.00 to C$33.00 in a research report sent to investors on Thursday, BayStreet.CA reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other analysts also recently issued reports on the company. National Bankshares boosted their price objective on Cenovus Energy from C$29.00 to C$38.00 and gave the stock an outperform rating in a report on Friday, April 19th. Scotiabank cut their price target on shares of Cenovus Energy from C$31.00 to C$28.00 and set an outperform rating on the stock in a report on Tuesday, January 16th. TD Securities raised their price objective on shares of Cenovus Energy from C$30.00 to C$32.00 and gave the stock a buy rating in a research note on Thursday. Jefferies Financial Group lifted their price objective on shares of 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. Finally, JPMorgan Chase & Co. reduced their target price on Cenovus Energy from C$35.00 to C$34.00 in a report on Thursday, January 11th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of C$33.19.

Cenovus Energy Price Performance

Shares of TSE CVE traded down C$0.14 during trading on Thursday, hitting C$28.03. The company had a trading volume of 5,434,022 shares, compared to its average volume of 4,636,568. Cenovus Energy has a 52 week low of C$19.82 and a 52 week high of C$29.96. The business’s 50-day moving average is C$26.88 and its 200 day moving average is C$24.52. The company has a market cap of C$52.42 billion, a P/E ratio of 13.22, a PEG ratio of 0.09 and a beta of 2.78. 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 (TSE:CVE) (NYSE:CVE) last issued its earnings results on Thursday, February 15th. The company reported C$0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of C$13.06 billion. During the same period in the previous year, the firm posted $0.39 EPS. Equities research analysts predict that Cenovus Energy will post 2.6887232 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be given a dividend of $0.18 per share. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.14. The ex-dividend date is Thursday, May 16th. This represents a $0.72 dividend on an annualized basis and a yield of 2.57%. Cenovus Energy’s dividend payout ratio (DPR) is presently 26.42%.

Insider Buying and Selling at Cenovus Energy

In other news, Senior Officer Jonathan Michael Mckenzie purchased 50,000 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was bought at an average cost of C$23.49 per share, with a total value of C$1,174,500.00. In related news, Senior Officer Rhona Marie Delfrari sold 18,000 shares of Cenovus Energy stock in a transaction on Monday, April 8th. The shares were sold at an average price of C$29.21, for a total value of C$525,835.80. Also, Senior Officer Jonathan Michael Mckenzie bought 50,000 shares of the stock in a transaction on Friday, February 16th. The shares were acquired at an average cost of C$23.49 per share, for a total transaction of C$1,174,500.00. Insiders have sold 87,000 shares of company stock worth $2,414,507 over the last 90 days. 31.50% of the stock is currently owned by corporate 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.