Cenovus Energy (TSE:CVE) Hits New 12-Month High After Analyst Upgrade
by Michael Walen · The Markets DailyShares of Cenovus Energy Inc. (TSE:CVE – Get Free Report) (NYSE:CVE) hit a new 52-week high during mid-day trading on Monday after Raymond James Financial raised their price target on the stock from C$33.00 to C$42.00. The stock traded as high as C$38.50 and last traded at C$37.56, with a volume of 5544232 shares. The stock had previously closed at C$37.23.
A number of other brokerages have also recently weighed in on CVE. National Bank Financial raised their price objective on Cenovus Energy from C$29.00 to C$34.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. Gerdes Energy Research cut shares of Cenovus Energy from a “buy” rating to a “neutral” rating in a research report on Friday, March 20th. Scotiabank lifted 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 note on Friday, February 20th. TD Securities boosted their price objective on shares of Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a report on Friday, February 20th. Finally, Royal Bank Of Canada upped their price objective on shares of Cenovus Energy from C$31.00 to C$32.00 and gave the company an “outperform” rating in a research note on Friday, February 20th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of C$33.42.
Check Out Our Latest Report on Cenovus Energy
Insider Buying and Selling
In other Cenovus Energy news, insider John F. Soini sold 10,275 shares of the business’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total value of C$360,960.75. Following the completion of the sale, the insider owned 2,114 shares in the company, valued at approximately C$74,264.82. The trade was a 82.94% decrease in their ownership of the stock. 32.03% of the stock is owned by company insiders.
Cenovus Energy Trading Down 0.5%
The firm’s 50 day moving average is C$30.09 and its 200 day moving average is C$26.20. The company has a debt-to-equity ratio of 53.80, a current ratio of 1.57 and a quick ratio of 1.00. The company has a market capitalization of C$69.59 billion, a PE ratio of 17.22, a P/E/G ratio of 0.09 and a beta of 0.63.
Cenovus Energy (TSE:CVE – Get Free Report) (NYSE:CVE) last announced its quarterly earnings results on Thursday, February 19th. The company reported C$0.50 earnings per share (EPS) for the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. The business had revenue of C$10.88 billion for the quarter. As a group, equities analysts predict that Cenovus Energy Inc. will post 2.2619279 EPS for the current year.
Cenovus Energy Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors 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 annualized dividend and a dividend yield of 2.2%. Cenovus Energy’s dividend payout ratio (DPR) is presently 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.