Royal Bank of Canada Cuts Cenovus Energy (TSE:CVE) Price Target to C$28.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price decreased by Royal Bank of Canada from C$29.00 to C$28.00 in a research note released on Friday, BayStreet.CA reports. Royal Bank of Canada currently has an outperform rating on the stock.

CVE has been the subject of a number of other reports. Jefferies Financial Group decreased 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, September 16th. National Bankshares cut their price target on Cenovus Energy from C$38.00 to C$31.00 in a research note on Friday, September 27th. Desjardins lifted their price objective on shares of 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. Scotiabank dropped their price objective on shares of Cenovus Energy from C$35.00 to C$34.00 in a research note on Friday, July 12th. Finally, TD Securities upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 3rd. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cenovus Energy presently has a consensus rating of “Buy” and a consensus price target of C$31.90.

Cenovus Energy Stock Performance

Shares of CVE opened at C$21.89 on Friday. The company’s 50 day simple moving average is C$23.53 and its 200-day simple moving average is C$25.88. The firm has a market cap of C$40.72 billion, a PE ratio of 8.72, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. Cenovus Energy has a 12-month low of C$19.82 and a 12-month high of C$29.96. 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 (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings results on Thursday, August 1st. The company reported C$0.53 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.72 by C($0.19). Cenovus Energy had a return on equity of 16.69% and a net margin of 8.54%. The business had revenue of C$14.89 billion for the quarter, compared to analyst estimates of C$13.44 billion. As a group, equities analysts predict that Cenovus Energy will post 2.2619279 EPS for the current year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.18 per share. The ex-dividend date is Friday, December 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.29%. Cenovus Energy’s dividend payout ratio (DPR) is presently 28.69%.

Insider Activity at Cenovus Energy

In related news, Senior Officer Geoffrey Murray bought 3,200 shares of the stock in a transaction on Tuesday, September 17th. The shares were bought at an average cost of C$22.54 per share, for a total transaction of C$72,112.00. In other news, Senior Officer Geoffrey Murray bought 3,200 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were bought at an average cost of C$22.54 per share, for a total transaction of C$72,112.00. Also, Senior Officer Jeffery George Lawson bought 7,500 shares of the stock in a transaction on Monday, August 12th. The stock was purchased at an average cost of C$25.98 per share, for a total transaction of C$194,850.00. Insiders purchased 152,200 shares of company stock worth $3,459,477 over the last 90 days. Company insiders own 32.03% 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.