Cenovus Energy (CVE) Given New C$14.50 Price Target at Canaccord Genuity

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target cut by Canaccord Genuity from C$16.00 to C$14.50 in a research note published on Wednesday.

Other equities research analysts have also issued research reports about the stock. National Bank Financial reduced their price target on shares of Cenovus Energy from C$14.00 to C$13.50 and set a sector perform rating for the company in a report on Friday, February 16th. TD Securities reduced their price target on shares of Cenovus Energy from C$14.00 to C$12.00 and set a hold rating for the company in a report on Friday, February 16th. Eight Capital set a C$15.00 price target on shares of Cenovus Energy and gave the company a neutral rating in a report on Thursday, January 11th. Finally, AltaCorp Capital upgraded shares of Cenovus Energy from a sector perform rating to an outperform rating in a report on Friday, February 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of C$15.07.

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Cenovus Energy stock opened at C$12.72 on Wednesday. Cenovus Energy has a 1 year low of C$8.89 and a 1 year high of C$14.65.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Thursday, February 15th. The company reported C($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.12 by C($0.55). The company had revenue of C$5.08 billion during the quarter, compared to analysts’ expectations of C$4.97 billion. Cenovus Energy had a negative net margin of 15.99% and a negative return on equity of 16.53%.

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th were issued a $0.05 dividend. The ex-dividend date of this dividend was Wednesday, March 14th. This represents a $0.20 annualized dividend and a dividend yield of 1.57%.

In other Cenovus Energy news, insider Keith Chiasson purchased 2,635 shares of Cenovus Energy stock in a transaction dated Monday, March 5th. The stock was acquired at an average price of C$9.60 per share, for a total transaction of C$25,296.00.

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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 and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.

Analyst Recommendations for Cenovus Energy (TSE:CVE)

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