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

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) hit a new 52-week high during trading on Monday . The company traded as high as C$44.16 and last traded at C$44.13, with a volume of 1701712 shares trading hands. The stock had previously closed at C$43.11.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CVE. Gerdes Energy Research raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and upped their price target for the stock from C$42.00 to C$46.00 in a research report on Monday, June 29th. Raymond James Financial raised their price objective on Cenovus Energy from C$41.00 to C$46.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Scotia boosted their price objective on Cenovus Energy from C$38.00 to C$44.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 7th. Scotiabank boosted their price objective on Cenovus Energy from C$49.00 to C$51.00 and gave the stock a “sector outperform” rating in a research note on Thursday, July 30th. Finally, Desjardins set a C$50.00 target price on Cenovus Energy and gave the stock a “buy” rating in a research report on Friday, July 17th. 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of C$43.73.

Cenovus Energy Price Performance

The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01. The stock has a market cap of C$81.79 billion, a PE ratio of 12.32, a P/E/G ratio of 0.09 and a beta of 0.16. The company’s 50 day moving average is C$38.59 and its 200-day moving average is C$36.10.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. The company had revenue of C$17.43 billion during the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. As a group, sell-side analysts predict that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.22 per share. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.0%. Cenovus Energy’s payout ratio is 22.78%.

Insider Activity at Cenovus Energy

In other Cenovus Energy news, insider Jonathan Michael Mckenzie sold 69,387 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the transaction, the insider directly owned 1,143,824 shares of the company’s stock, valued at C$45,192,486.24. This represents a 5.72% decrease in their position. Also, Director Alex Pourbaix sold 30,186 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of C$42.17, for a total value of C$1,272,943.62. Following the transaction, the director owned 1,455,996 shares of the company’s stock, valued at approximately C$61,399,351.32. This trade represents a 2.03% decrease in their ownership of the stock. Insiders have sold a total of 532,304 shares of company stock worth $22,210,763 over the last 90 days. 32.03% of the stock is owned by company insiders.

Cenovus Energy Company Profile

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.