Cenovus Energy Inc. (NYSE:CVE) Plans $0.13 Quarterly Dividend
by Amy Steele · The Cerbat GemCenovus Energy Inc. (NYSE:CVE – Get Free Report) (TSE:CVE) announced a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Stockholders of record on Friday, March 14th will be paid a dividend of 0.1269 per share by the oil and gas company on Monday, March 31st. This represents a $0.51 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date is Friday, March 14th.
Cenovus Energy has increased its dividend payment by an average of 98.1% annually over the last three years. Cenovus Energy has a dividend payout ratio of 28.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Cenovus Energy to earn $1.49 per share next year, which means the company should continue to be able to cover its $0.51 annual dividend with an expected future payout ratio of 34.2%.
Cenovus Energy Stock Performance
Shares of NYSE CVE traded down $0.69 during midday trading on Friday, reaching $14.61. 9,728,251 shares of the stock were exchanged, compared to its average volume of 10,658,203. The firm has a 50-day simple moving average of $15.00 and a two-hundred day simple moving average of $16.32. Cenovus Energy has a twelve month low of $13.76 and a twelve month high of $21.90. The firm has a market cap of $26.64 billion, a price-to-earnings ratio of 10.08 and a beta of 1.99. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24.
Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last released its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $11.08 billion. As a group, analysts anticipate that Cenovus Energy will post 1.36 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on CVE. Royal Bank of Canada dropped their price target on shares of Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating on the stock in a research note on Friday. National Bank Financial cut shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday. BMO Capital Markets decreased their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.25.
Read Our Latest Report on Cenovus Energy
About Cenovus Energy
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.
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