Cenovus Energy (TSE:CVE) Reaches New 1-Year High Following Analyst Upgrade

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s share price hit a new 52-week high on Tuesday after Royal Bank Of Canada raised their price target on the stock from C$30.00 to C$32.00. The stock traded as high as C$25.94 and last traded at C$25.89, with a volume of 18792216 shares. The stock had previously closed at C$25.20.

A number of other brokerages also recently weighed in on CVE. Raymond James Financial upgraded Cenovus Energy from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from C$30.00 to C$32.00 in a report on Thursday, October 9th. National Bank Financial upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 22nd. Desjardins raised their target price on Cenovus Energy from C$27.50 to C$29.00 in a research note on Monday, August 25th. JPMorgan Chase & Co. dropped their price target on Cenovus Energy from C$32.00 to C$29.00 and set an “overweight” rating on the stock in a research note on Thursday, September 11th. Finally, Jefferies Financial Group increased their price target on Cenovus Energy from C$25.00 to C$29.00 and gave the stock a “buy” rating in a report on Tuesday, September 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of C$28.64.

Cenovus Energy Price Performance

The business has a 50-day moving average price of C$24.05 and a two-hundred day moving average price of C$21.31. 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$48.92 billion, a price-to-earnings ratio of 14.97, a price-to-earnings-growth ratio of 0.09 and a beta of 0.41.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Friday, October 31st. The company reported C$0.72 EPS for the quarter. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.67%. The business had revenue of C$13.20 billion during the quarter. As a group, research analysts anticipate that Cenovus Energy Inc. will post 2.2619279 EPS for the current year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 29th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.80 annualized dividend and a dividend yield of 3.1%. Cenovus Energy’s payout ratio is presently 43.93%.

About Cenovus Energy

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.