Cenovus Energy (NYSE:CVE) Hits New 52-Week High – Still a Buy?

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) hit a new 52-week high during trading on Monday . The company traded as high as $23.56 and last traded at $23.2490, with a volume of 3731426 shares. The stock had previously closed at $22.31.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Scotiabank raised shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 20th. Wall Street Zen lowered Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, February 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Cenovus Energy in a report on Tuesday, January 27th. TD Securities reiterated a “buy” rating on shares of Cenovus Energy in a report on Friday, February 20th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Cenovus Energy in a research note on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Cenovus Energy presently has an average rating of “Moderate Buy” and a consensus target price of $27.33.

Cenovus Energy Trading Up 3.7%

The firm has a market capitalization of $43.48 billion, a price-to-earnings ratio of 15.08 and a beta of 0.43. The business’s 50-day moving average price is $19.18 and its 200 day moving average price is $17.85. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.08. The firm had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $10.89 billion. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. During the same quarter in the previous year, the firm posted $0.07 EPS. On average, equities analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, March 13th. This represents a $0.80 annualized dividend and a yield of 3.5%. Cenovus Energy’s payout ratio is currently 37.25%.

Institutional Trading of Cenovus Energy

A number of hedge funds have recently made changes to their positions in the stock. Financial Management Professionals Inc. bought a new position in Cenovus Energy during the 4th quarter valued at $25,000. Transamerica Financial Advisors LLC grew its stake in Cenovus Energy by 1,302.7% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 1,433 shares in the last quarter. Atlantic Union Bankshares Corp bought a new stake in Cenovus Energy in the second quarter valued at about $27,000. NBC Securities Inc. raised its stake in Cenovus Energy by 961.5% during the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 1,500 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in Cenovus Energy by 104.3% during the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after buying an additional 1,168 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

About Cenovus Energy

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.