Cenovus Energy (NYSE:CVE) Reaches New 12-Month High – Here’s What Happened

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $32.07 and last traded at $30.5150, with a volume of 11354357 shares changing hands. The stock had previously closed at $31.80.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. UBS Group restated a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Zacks Research upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 22nd. Lake Street Capital set a $36.00 price objective on Cenovus Energy in a research report on Wednesday, May 13th. BMO Capital Markets reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Friday, February 20th. Finally, Raymond James Financial lowered Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $35.25.

Cenovus Energy Stock Down 0.9%

The company has a market capitalization of $56.31 billion, a PE ratio of 16.50 and a beta of 0.37. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. The firm has a 50-day moving average of $27.00 and a two-hundred day moving average of $21.75.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The business had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. During the same period last year, the business posted $0.47 earnings per share. The company’s quarterly revenue was up 1.0% on a year-over-year basis. Equities research analysts predict that Cenovus Energy Inc will post 3.01 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a dividend of $0.22 per share. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Monday, June 15th. Cenovus Energy’s dividend payout ratio (DPR) is 32.42%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Financial Management Professionals Inc. purchased a new position in shares of Cenovus Energy during the fourth quarter worth $25,000. Transamerica Financial Advisors LLC boosted its position in shares of Cenovus Energy by 1,302.7% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after buying an additional 1,433 shares during the period. NBC Securities Inc. boosted its position in shares of 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 worth $28,000 after buying an additional 1,500 shares during the period. Kestra Advisory Services LLC purchased a new position in shares of Cenovus Energy during the fourth quarter worth $38,000. Finally, Advisory Services Network LLC purchased a new position in shares of Cenovus Energy during the third quarter worth $50,000. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Company Profile

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.