Cenovus Energy Inc. (TSE:CVE – Get Free Report) (NYSE:CVE) hit a new 52-week high during mid-day trading on Tuesday after Desjardins raised their price target on the stock from C$52.00 to C$53.00. Desjardins currently has a buy rating on the stock. Cenovus Energy traded as high as C$47.46 and last traded at C$47.13, with a volume of 186,487 shares traded. The stock had previously closed at C$46.93.
Several other brokerages also recently weighed in on CVE. UBS Group downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 2nd. National Bank Financial increased their price target on Cenovus Energy from C$57.00 to C$58.00 and gave the stock an “outperform” rating in a research note on Tuesday. TD raised their price objective on Cenovus Energy from C$49.00 to C$50.00 and gave the stock a “buy” rating in a report on Tuesday, October 13th. Scotiabank lifted their price objective on Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a research report on Thursday, July 30th. Finally, JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from C$51.00 to C$58.00 in a research report on Tuesday, September 8th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of C$46.38.
View Our Latest Report on Cenovus Energy
Insiders Place Their Bets
In other news, insider Jonathan Michael Mckenzie sold 104,974 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of C$43.49, for a total value of C$4,565,319.26. Following the transaction, the insider directly owned 843,824 shares in the company, valued at C$36,697,905.76. This trade represents a 11.06% decrease in their position. Also, Director Alex Pourbaix sold 30,186 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of C$42.17, for a total value of C$1,272,943.62. Following the completion of the transaction, the director owned 1,455,996 shares in the company, valued at approximately C$61,399,351.32. This trade represents a 2.03% decrease in their ownership of the stock. Insiders sold 601,524 shares of company stock worth $25,546,211 over the last three months. 32.03% of the stock is owned by insiders.
Cenovus Energy Price Performance
The company’s fifty day moving average is C$45.03 and its 200 day moving average is C$40.79. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 34.01. The stock has a market cap of C$85.83 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 0.09 and a beta of 0.28.
Cenovus Energy (TSE:CVE – Get Free Report) (NYSE:CVE) last announced its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. The firm had revenue of C$17.43 billion for the quarter. As a group, sell-side analysts anticipate that Cenovus Energy Inc. will post 2.26 earnings per share for the current fiscal year.
Cenovus Energy Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is currently 22.78%.
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.
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