Cenovus Energy (TSE:CVE) Sets New 52-Week High After Analyst Upgrade

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s stock price reached a new 52-week high during trading on Monday after Raymond James Financial raised their price target on the stock from C$33.00 to C$42.00. The company traded as high as C$38.50 and last traded at C$37.56, with a volume of 5544232 shares traded. The stock had previously closed at C$37.23.

Several other research firms have also issued reports on CVE. Scotiabank increased their price target on shares of Cenovus Energy from C$30.00 to C$34.00 and gave the stock an “outperform” rating in a research report on Friday, February 20th. Jefferies Financial Group lifted their price objective on Cenovus Energy from C$30.00 to C$37.00 in a report on Monday, March 16th. Gerdes Energy Research lowered Cenovus Energy from a “buy” rating to a “neutral” rating in a research note on Friday, March 20th. Desjardins increased their target price on Cenovus Energy from C$33.00 to C$36.00 and gave the stock a “buy” rating in a report on Friday, February 20th. Finally, TD Securities raised their target price on Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Cenovus Energy presently has a consensus rating of “Buy” and a consensus target price of C$33.42.

Insider Activity

In related news, insider John F. Soini sold 10,275 shares of the stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of C$35.13, for a total transaction of C$360,960.75. Following the completion of the sale, the insider owned 2,114 shares in the company, valued at C$74,264.82. This trade represents a 82.94% decrease in their position. 32.03% of the stock is owned by company insiders.

Cenovus Energy Trading Down 0.5%

The company’s fifty day moving average price is C$30.33 and its two-hundred day moving average price is C$26.30. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 53.80. The company has a market cap of C$69.59 billion, a price-to-earnings ratio of 17.22, a price-to-earnings-growth ratio of 0.09 and a beta of 0.63.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its earnings results on Thursday, February 19th. The company reported C$0.50 EPS for the quarter. The business 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%. Research analysts expect that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current year.

Cenovus Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st will be paid a $0.20 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.80 dividend on an annualized basis and a yield of 2.2%. Cenovus Energy’s payout ratio is currently 36.28%.

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.