Cenovus Energy (TSE:CVE) Hits New 1-Year Low on Analyst Downgrade

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) hit a new 52-week low on Tuesday after TD Securities lowered their price target on the stock from C$29.00 to C$28.00. TD Securities currently has a buy rating on the stock. Cenovus Energy traded as low as C$19.80 and last traded at C$19.87, with a volume of 935459 shares changing hands. The stock had previously closed at C$20.54.

A number of other analysts have also recently weighed in on CVE. National Bankshares cut shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from C$28.00 to C$25.00 in a report on Friday. BMO Capital Markets cut their target price on shares of Cenovus Energy from C$28.00 to C$25.00 in a report on Friday, December 13th. Raymond James increased their price target on Cenovus Energy from C$32.00 to C$33.00 in a research report on Friday, December 13th. Royal Bank of Canada decreased their price target on Cenovus Energy from C$28.00 to C$26.00 in a research note on Tuesday, January 14th. Finally, National Bank Financial lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of C$29.89.

Insider Buying and Selling

In related news, insider Cenovus Energy Inc. acquired 44,700 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were acquired at an average cost of C$22.07 per share, with a total value of C$986,658.63. Also, Senior Officer Jeffery George Lawson bought 4,600 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were bought at an average cost of C$21.74 per share, with a total value of C$100,004.00. Over the last ninety days, insiders bought 65,300 shares of company stock worth $1,427,360. Corporate insiders own 32.03% of the company’s stock.

Cenovus Energy Price Performance

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 stock’s 50 day moving average price is C$21.50 and its two-hundred day moving average price is C$22.70. The firm has a market capitalization of C$36.36 billion, a price-to-earnings ratio of 9.84, a PEG ratio of 0.09 and a beta of 2.63.

Cenovus Energy Announces Dividend

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

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.