Cenovus Energy (TSE:CVE) Given New C$26.00 Price Target at Royal Bank of Canada

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target lowered by Royal Bank of Canada from C$28.00 to C$26.00 in a research report report published on Tuesday,BayStreet.CA reports.

Several other brokerages have also recently issued reports on CVE. Raymond James increased their price target on shares of Cenovus Energy from C$32.00 to C$33.00 in a research report on Friday, December 13th. BMO Capital Markets reduced their target price on shares of Cenovus Energy from C$28.00 to C$25.00 in a report on Friday, December 13th. National Bankshares dropped their price target 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. TD Securities reduced their price objective on Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. Finally, Jefferies Financial Group lowered their target price on Cenovus Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a research note on Friday, December 20th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of C$30.67.

Cenovus Energy Stock Performance

TSE:CVE opened at C$21.40 on Tuesday. Cenovus Energy has a fifty-two week low of C$19.82 and a fifty-two week high of C$29.96. The company has a debt-to-equity ratio of 33.34, a quick ratio of 1.00 and a current ratio of 1.66. The company has a 50 day moving average price of C$21.83 and a 200 day moving average price of C$23.84. The stock has a market capitalization of C$39.80 billion, a P/E ratio of 8.53, a PEG ratio of 0.09 and a beta of 2.63.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 31st were paid a $0.18 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.72 annualized dividend and a yield of 3.36%. Cenovus Energy’s dividend payout ratio is presently 28.69%.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, insider Cenovus Energy Inc. bought 44,700 shares of the stock in a transaction dated Monday, December 2nd. The shares were acquired at an average cost of C$22.07 per share, for a total transaction of C$986,658.63. Also, Senior Officer Jeffery George Lawson purchased 5,000 shares of Cenovus Energy stock in a transaction that occurred on Friday, December 27th. The stock was acquired at an average price of C$21.17 per share, with a total value of C$105,832.00. Over the last 90 days, insiders have bought 55,300 shares of company stock worth $1,214,190. 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.