Cenovus Energy Inc. (NYSE:CVE) Announces Monthly Dividend of $0.10

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) declared a monthly dividend on Thursday, May 2nd, Wall Street Journal reports. Investors of record on Friday, May 17th will be paid a dividend of 0.0981 per share by the oil and gas company on Friday, May 31st. This represents a $1.18 dividend on an annualized basis and a dividend yield of 5.76%. The ex-dividend date of this dividend is Thursday, May 16th.

Cenovus Energy has increased its dividend payment by an average of 103.3% annually over the last three years and has increased its dividend every year for the last 2 years. Cenovus Energy has a payout ratio of 17.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Cenovus Energy to earn $2.27 per share next year, which means the company should continue to be able to cover its $0.41 annual dividend with an expected future payout ratio of 18.1%.

Cenovus Energy Stock Performance

NYSE CVE traded down $0.14 during trading hours on Friday, hitting $20.43. The company had a trading volume of 2,084,004 shares, compared to its average volume of 11,146,848. Cenovus Energy has a 1-year low of $14.69 and a 1-year high of $21.90. The company has a market cap of $38.10 billion, a PE ratio of 11.43 and a beta of 2.10. The business has a 50 day moving average of $19.69 and a 200-day moving average of $18.07. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.91 and a current ratio of 1.56.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. Cenovus Energy had a net margin of 8.73% and a return on equity of 16.73%. The company had revenue of $9.65 billion during the quarter, compared to the consensus estimate of $9.73 billion. During the same period last year, the firm earned $0.29 EPS. As a group, equities research analysts expect that Cenovus Energy will post 1.88 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CVE shares. StockNews.com upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a report on Thursday, April 11th. UBS Group raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating in a research note on Friday, February 23rd. Royal Bank of Canada restated an “outperform” rating and issued a $28.00 price target on shares of Cenovus Energy in a research report on Friday, January 26th. Finally, Morgan Stanley increased their price target on shares of Cenovus Energy from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $26.67.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.