Cenovus Energy (TSE:CVE) Sets New 1-Year High After Analyst Upgrade

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) shares reached a new 52-week high during mid-day trading on Thursday after Raymond James Financial upgraded the stock from an outperform rating to a strong-buy rating. Raymond James Financial now has a C$32.00 price target on the stock, up from their previous price target of C$30.00. Cenovus Energy traded as high as C$25.97 and last traded at C$25.22, with a volume of 6883684 shares changing hands. The stock had previously closed at C$24.71.

Other equities research analysts have also issued research reports about the company. Jefferies Financial Group upped their target price on Cenovus Energy from C$25.00 to C$29.00 and gave the company a “buy” rating in a research report on Tuesday, September 2nd. JPMorgan Chase & Co. dropped their target price on Cenovus Energy from C$32.00 to C$29.00 and set an “overweight” rating on the stock in a research report on Thursday, September 11th. National Bankshares upped their target price on Cenovus Energy from C$28.00 to C$29.00 and gave the company an “outperform” rating in a research report on Wednesday, September 10th. ATB Capital upped their target price on Cenovus Energy from C$25.00 to C$28.00 and gave the company an “outperform” rating in a research report on Monday, August 25th. Finally, Desjardins upped their price objective on Cenovus Energy from C$27.50 to C$29.00 in a research report on Monday, August 25th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of C$28.10.

Cenovus Energy Stock Up 2.6%

The stock has a market cap of C$45.64 billion, a PE ratio of 17.61, a price-to-earnings-growth ratio of 0.09 and a beta of 0.66. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The business has a 50-day moving average price of C$22.68 and a 200-day moving average price of C$19.94.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 29th were given a dividend of $0.20 per share. The ex-dividend date was Monday, September 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.2%. Cenovus Energy’s dividend payout ratio (DPR) is 51.39%.

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.