Cenovus Energy (TSE:CVE) Given New C$16.00 Price Target at National Bank Financial

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective lowered by National Bank Financial from C$16.50 to C$16.00 in a research report sent to investors on Thursday, BayStreet.CA reports. National Bank Financial currently has an outperform rating on the stock. National Bank Financial also issued estimates for Cenovus Energy’s FY2020 earnings at $0.71 EPS.

Several other equities research analysts have also recently weighed in on the stock. AltaCorp Capital upgraded shares of Cenovus Energy from a sector perform rating to an outperform rating in a research note on Thursday, October 31st. Raymond James set a C$13.00 target price on shares of Cenovus Energy and gave the company a market perform rating in a research note on Wednesday, December 11th. Morgan Stanley cut shares of Cenovus Energy from an equal weight rating to an underweight rating in a research note on Wednesday, October 23rd. Tudor Pickering & Holt set a C$14.00 target price on shares of Cenovus Energy and gave the company a buy rating in a research note on Wednesday. Finally, Canaccord Genuity increased their target price on shares of Cenovus Energy from C$13.00 to C$14.00 in a research note on Tuesday, January 14th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of Buy and an average price target of C$14.94.

Shares of TSE CVE traded down C$0.12 during mid-day trading on Thursday, hitting C$11.82. The company had a trading volume of 2,982,812 shares, compared to its average volume of 3,837,121. The company has a debt-to-equity ratio of 46.38, a current ratio of 1.12 and a quick ratio of 0.60. The business’s 50-day simple moving average is C$12.36 and its 200-day simple moving average is C$12.02. Cenovus Energy has a 12 month low of C$10.29 and a 12 month high of C$14.31. The firm has a market cap of $14.80 billion and a P/E ratio of 20.21.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a $0.063 dividend. This represents a $0.25 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend is Thursday, March 12th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.06. Cenovus Energy’s dividend payout ratio is 34.19%.

In other Cenovus Energy news, Director Keith A.J. Macphail purchased 20,000 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The stock was purchased at an average price of C$13.08 per share, with a total value of C$261,600.00. Following the completion of the transaction, the director now directly owns 222,000 shares of the company’s stock, valued at approximately C$2,903,760.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as other projects in the early stages of development, such as Telephone Lake.

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Analyst Recommendations for Cenovus Energy (TSE:CVE)

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