CIBC Lowers Cenovus Energy (CVE) Price Target to C$14.50

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price cut by CIBC from C$17.00 to C$14.50 in a report issued on Thursday morning.

CVE has been the topic of several other reports. TD Securities boosted their price target on Cenovus Energy from C$14.00 to C$15.00 and gave the company a buy rating in a research note on Thursday, November 1st. Raymond James boosted their price target on Cenovus Energy from C$16.00 to C$17.00 in a research note on Friday, October 5th. Canaccord Genuity lowered their target price on Cenovus Energy from C$15.00 to C$14.00 in a research report on Tuesday, October 16th. Morgan Stanley lowered their target price on Cenovus Energy from C$17.00 to C$15.00 in a research report on Tuesday, November 20th. Finally, National Bank Financial lowered their target price on Cenovus Energy from C$21.00 to C$20.00 and set an outperform rating on the stock in a research report on Friday, July 27th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Cenovus Energy currently has an average rating of Buy and a consensus price target of C$16.17.

Shares of CVE opened at C$9.25 on Thursday. Cenovus Energy has a 52-week low of C$9.02 and a 52-week high of C$14.84. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 52.75.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 14th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend is Thursday, December 13th. Cenovus Energy’s payout ratio is -35.46%.

In other news, insider Jonathan Michael Mckenzie bought 25,000 shares of the stock in a transaction dated Wednesday, November 21st. The shares were bought at an average cost of C$10.23 per share, with a total value of C$255,750.00.

About Cenovus Energy

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.

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