Cenovus Energy (NYSE:CVE) Reaches New 1-Year High – Still a Buy?

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE)’s stock price hit a new 52-week high on Friday . The stock traded as high as $19.00 and last traded at $18.8940, with a volume of 815233 shares traded. The stock had previously closed at $18.43.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. BMO Capital Markets set a $29.00 target price on shares of Cenovus Energy in a research note on Monday, November 17th. The Goldman Sachs Group started coverage on shares of Cenovus Energy in a report on Friday, January 2nd. They issued a “buy” rating and a $20.00 price objective on the stock. Raymond James Financial raised shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a report on Thursday, October 9th. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a research note on Thursday, November 20th. Finally, Zacks Research lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $27.00.

Cenovus Energy Trading Up 1.9%

The company’s fifty day simple moving average is $17.47 and its two-hundred day simple moving average is $16.69. The company has a market capitalization of $35.37 billion, a price-to-earnings ratio of 15.39 and a beta of 0.49. The company has a quick ratio of 1.18, a current ratio of 1.73 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Friday, October 31st. The oil and gas company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The business had revenue of $10.87 billion during the quarter, compared to analysts’ expectations of $12.51 billion. Cenovus Energy had a net margin of 6.23% and a return on equity of 10.73%. The firm’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.42 EPS. Research analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.3%. Cenovus Energy’s dividend payout ratio (DPR) is currently 46.72%.

Institutional Trading of Cenovus Energy

Large investors have recently bought and sold shares of the business. Atlantic Union Bankshares Corp bought a new position in Cenovus Energy in the second quarter valued at approximately $27,000. Allworth Financial LP raised its holdings in shares of Cenovus Energy by 104.3% during the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 1,168 shares during the period. Advisory Services Network LLC bought a new stake in Cenovus Energy in the 3rd quarter valued at $50,000. Geneos Wealth Management Inc. boosted its stake in Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after purchasing an additional 1,384 shares during the period. Finally, Farther Finance Advisors LLC increased its holdings in Cenovus Energy by 24.4% during the 4th quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company’s stock worth $56,000 after purchasing an additional 649 shares in the last quarter. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.