Cenovus Energy (TSE:CVE) Hits New 52-Week Low on Analyst Downgrade

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) hit a new 52-week low during trading 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 traded. The stock had previously closed at C$20.54.

A number of other analysts have also recently weighed in on CVE. National Bank Financial cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 20th. BMO Capital Markets decreased their price objective on Cenovus Energy from C$28.00 to C$25.00 in a report on Friday, December 13th. Jefferies Financial Group cut their target price on shares of Cenovus Energy from C$32.00 to C$30.00 in a report on Thursday, January 30th. National Bankshares cut shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from C$28.00 to C$25.00 in a report on Friday. Finally, Raymond James boosted their target price on Cenovus Energy from C$32.00 to C$33.00 in a research report on Friday, December 13th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$29.89.

Insider Buying and Selling

In related news, insider Cenovus Energy Inc. purchased 44,700 shares of Cenovus Energy stock in a transaction that occurred on Monday, December 2nd. The shares were purchased 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 purchased 10,000 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was bought at an average price of C$21.39 per share, with a total value of C$213,900.00. Over the last three months, insiders have purchased 65,300 shares of company stock valued at $1,427,360. Insiders own 32.03% of the company’s stock.

Cenovus Energy Trading Down 2.8 %

The firm has a market cap of C$36.36 billion, a P/E ratio of 9.84, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. The business’s 50 day moving average is C$21.50 and its 200-day moving average is C$22.70.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 31st were given a dividend of $0.18 per share. The ex-dividend date was Friday, December 13th. This represents a $0.72 annualized dividend and a dividend yield of 3.61%. Cenovus Energy’s 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.