Cenovus Energy (TSE:CVE) Stock Price Down 9.2% Following Analyst Downgrade

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) fell 9.2% on Thursday after CIBC lowered their price target on the stock from C$32.00 to C$28.00. The company traded as low as C$15.06 and last traded at C$15.37. 5,589,694 shares were traded during trading, a decline of 7% from the average session volume of 6,037,841 shares. The stock had previously closed at C$16.92.

A number of other equities research analysts also recently issued reports on the company. 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. Jefferies Financial Group lowered their price target on shares of Cenovus Energy from C$32.00 to C$30.00 in a report on Thursday, January 30th. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. National Bank Financial lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 20th. Finally, TD Securities decreased their price target on Cenovus Energy from C$29.00 to C$28.00 and set a “buy” rating for the company in a report on Monday, February 24th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$29.11.

Insiders Place Their Bets

In other news, Senior Officer John F. Soini purchased 5,880 shares of the company’s stock in a transaction dated Wednesday, April 9th. The shares were purchased at an average price of C$16.89 per share, with a total value of C$99,313.20. Also, Senior Officer Karamjit Singh Sandhar bought 5,000 shares of the business’s stock in a transaction on Wednesday, February 26th. The shares were acquired at an average price of C$20.05 per share, with a total value of C$100,250.00. Insiders have bought 31,934 shares of company stock valued at $619,586 in the last three months. 32.03% of the stock is currently owned by insiders.

Cenovus Energy Stock Performance

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 company has a market capitalization of C$28.23 billion, a PE ratio of 7.64, a PEG ratio of 0.09 and a beta of 2.63. The company has a 50-day moving average price of C$19.66 and a two-hundred day moving average price of C$21.34.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 31st were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.65%. The ex-dividend date of this dividend was Friday, March 14th. 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.