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

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) reached a new 52-week high during trading on Tuesday after Royal Bank Of Canada raised their price target on the stock from C$30.00 to C$32.00. The stock traded as high as C$25.94 and last traded at C$25.89, with a volume of 18792216 shares changing hands. The stock had previously closed at C$25.20.

Several other equities research analysts have also recently issued reports on the company. Scotiabank boosted their price target on Cenovus Energy from C$27.00 to C$29.00 and gave the company an “outperform” rating in a research note on Tuesday, October 14th. 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. ATB Capital raised their price target on Cenovus Energy from C$25.00 to C$28.00 and gave the stock an “outperform” rating in a research report on Monday, August 25th. Desjardins boosted their price target on Cenovus Energy from C$27.50 to C$29.00 in a research note on Monday, August 25th. Finally, National Bank Financial upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Cenovus Energy presently has an average rating of “Buy” and a consensus target price of C$28.64.

Cenovus Energy Stock Performance

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 company has a 50-day moving average price of C$24.12 and a two-hundred day moving average price of C$21.37. The stock has a market capitalization of C$48.92 billion, a P/E ratio of 14.97, a price-to-earnings-growth ratio of 0.09 and a beta of 0.41.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Friday, October 31st. The company reported C$0.72 EPS for the quarter. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.67%. The company had revenue of C$13.20 billion during the quarter. On average, equities analysts forecast that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current year.

Cenovus Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 29th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Monday, September 15th. Cenovus Energy’s payout ratio is 43.93%.

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.