Cenovus Energy (TSE:CVE) Reaches New 12-Month High Following Analyst Upgrade

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) shares hit a new 52-week high 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. The stock had previously closed at C$46.93.

A number of other research analysts have also recently weighed in on CVE. TD lifted their price target on shares of Cenovus Energy from C$49.00 to C$50.00 and gave the company a “buy” rating in a research report on Tuesday, October 13th. National Bank Financial raised their target price on shares of Cenovus Energy from C$57.00 to C$58.00 and gave the company an “outperform” rating in a research note on Tuesday. Raymond James Financial raised their target price on shares of Cenovus Energy from C$51.00 to C$53.00 and gave the company an “outperform” rating in a research note on Tuesday, October 6th. ATB Cormark Capital Markets lifted their target price on shares of Cenovus Energy from C$42.50 to C$49.00 and gave the company an “outperform” rating in a report on Tuesday, October 6th. Finally, UBS Group cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Two investment 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 stock. According to MarketBeat, Cenovus Energy has an average rating of “Buy” and an average price target of C$46.38.

Insider Buying and Selling

In other Cenovus Energy news, insider John F. Soini sold 26,223 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of C$44.92, for a total value of C$1,177,937.16. Following the completion of the transaction, the insider owned 2,114 shares in the company, valued at C$94,960.88. This represents a 92.54% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 104,974 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the insider owned 843,824 shares of the company’s stock, valued at approximately C$36,697,905.76. This represents a 11.06% decrease in their position. In the last ninety days, insiders have sold 601,524 shares of company stock valued at $25,546,211. Corporate insiders own 32.03% of the company’s stock.

Cenovus Energy Price Performance

The stock has a market cap of C$85.83 billion, a PE ratio of 12.93, a P/E/G ratio of 0.09 and a beta of 0.28. 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 company’s 50 day moving average is C$45.03 and its 200-day moving average is C$40.79.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. The firm had revenue of C$17.43 billion for 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 2.26 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th were given a dividend of $0.22 per share. 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 payout ratio is presently 22.78%.

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.