Cenovus Energy (TSE:CVE) PT Lowered to C$29.00 at Royal Bank of Canada

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target reduced by Royal Bank of Canada from C$33.00 to C$29.00 in a research report sent to investors on Tuesday morning, BayStreet.CA reports.

Several other brokerages have also commented on CVE. National Bankshares lifted their target price on Cenovus Energy from C$36.00 to C$38.00 and gave the stock an outperform rating in a research report on Friday, August 2nd. Raymond James set a C$33.00 price objective on Cenovus Energy and gave the company an outperform rating in a research report on Wednesday, May 29th. Scotiabank reduced their price objective on Cenovus Energy from C$35.00 to C$34.00 in a research report on Friday, July 12th. Jefferies Financial Group reduced their price objective on Cenovus Energy from C$36.00 to C$33.00 and set a buy rating for the company in a research report on Monday. Finally, Desjardins boosted their price objective on Cenovus Energy from C$31.50 to C$33.00 and gave the company a buy rating in a research report on Tuesday, July 23rd. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cenovus Energy presently has a consensus rating of Buy and a consensus price target of C$33.54.

Cenovus Energy Price Performance

Shares of CVE opened at C$23.35 on Tuesday. The firm has a market cap of C$43.43 billion, a price-to-earnings ratio of 9.30, a PEG ratio of 0.09 and a beta of 2.67. The stock has a 50 day moving average of C$25.42 and a 200-day moving average of C$26.52. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 33.34. Cenovus Energy has a 52 week low of C$19.82 and a 52 week high of C$29.96.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its earnings results on Thursday, August 1st. The company reported C$0.53 EPS for the quarter, missing the consensus estimate of C$0.72 by C($0.19). The firm had revenue of C$14.89 billion during the quarter, compared to analyst estimates of C$13.44 billion. Cenovus Energy had a return on equity of 16.69% and a net margin of 8.54%. As a group, analysts forecast that Cenovus Energy will post 2.5066667 EPS for the current year.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.08%. The ex-dividend date is Friday, September 13th. Cenovus Energy’s payout ratio is currently 28.69%.

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, Director Alex Pourbaix sold 200,000 shares of Cenovus Energy stock in a transaction on Monday, June 24th. The stock was sold at an average price of C$26.03, for a total transaction of C$5,206,700.00. In other news, Senior Officer Jeffery George Lawson acquired 3,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were bought at an average price of C$27.21 per share, with a total value of C$95,235.00. Also, Director Alex Pourbaix sold 200,000 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of C$26.03, for a total value of C$5,206,700.00. Insiders have acquired 148,200 shares of company stock valued at $3,369,477 in the last quarter. Corporate insiders own 31.71% of the company’s stock.

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.