Cenovus Energy (TSE:CVE) Hits New 52-Week High – Here’s Why
by Kim Johansen · The Markets DailyShares of Cenovus Energy Inc. (TSE:CVE – Get Free Report) (NYSE:CVE) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$32.78 and last traded at C$32.69, with a volume of 694525 shares. The stock had previously closed at C$32.29.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on the company. Scotiabank boosted their price target on Cenovus Energy from C$30.00 to C$34.00 and gave the company an “outperform” rating in a report on Friday, February 20th. National Bank Financial lifted their target price on Cenovus Energy from C$29.00 to C$34.00 and gave the company an “outperform” rating in a research report on Tuesday, February 3rd. BMO Capital Markets cut their target price on Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating on the stock in a research note on Friday, February 20th. Morgan Stanley reduced their price target on Cenovus Energy from C$31.00 to C$29.00 in a research report on Friday, January 23rd. Finally, The Goldman Sachs Group raised shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, January 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Cenovus Energy presently has an average rating of “Buy” and an average target price of C$32.67.
Get Our Latest Analysis on Cenovus Energy
Cenovus Energy Stock Up 1.3%
The stock has a market capitalization of C$61.47 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 0.09 and a beta of 0.63. The firm has a 50-day moving average of C$28.32 and a 200 day moving average of C$25.52. The company has a debt-to-equity ratio of 53.80, a current ratio of 1.57 and a quick ratio of 1.00.
Cenovus Energy (TSE:CVE – Get Free Report) (NYSE:CVE) last announced its quarterly earnings data on Thursday, February 19th. The company reported C$0.50 earnings per share (EPS) for the quarter. The company had revenue of C$10.88 billion for the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%. As a group, sell-side analysts forecast that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current fiscal year.
Cenovus Energy Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, March 13th. Cenovus Energy’s dividend payout ratio is 36.28%.
About Cenovus Energy
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.