Cenovus Energy (NYSE:CVE) Sets New 1-Year High – Here’s Why

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

Wall Street Analysts Forecast Growth

CVE has been the subject of several research analyst reports. TD Securities reiterated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, December 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cenovus Energy in a research note on Thursday, October 30th. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Cenovus Energy in a report on Tuesday. Wall Street Zen raised shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, The Goldman Sachs Group initiated coverage on shares of Cenovus Energy in a research report on Friday, January 2nd. They set a “buy” rating and a $20.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Cenovus Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Cenovus Energy Stock Up 1.6%

The company has a current ratio of 1.73, a quick ratio of 1.18 and a debt-to-equity ratio of 0.25. The firm has a market cap of $35.26 billion, a PE ratio of 15.39 and a beta of 0.49. The business’s 50-day simple moving average is $17.46 and its 200 day simple moving average is $16.65.

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

Cenovus Energy Announces Dividend

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Ritholtz Wealth Management grew its position in shares of Cenovus Energy by 10.3% during the 4th quarter. Ritholtz Wealth Management now owns 12,900 shares of the oil and gas company’s stock valued at $218,000 after acquiring an additional 1,208 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Cenovus Energy by 24.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company’s stock worth $303,470,000 after purchasing an additional 3,507,525 shares in the last quarter. Foundation Resource Management Inc. grew its holdings in Cenovus Energy by 1.6% in the fourth quarter. Foundation Resource Management Inc. now owns 481,381 shares of the oil and gas company’s stock valued at $8,145,000 after purchasing an additional 7,358 shares during the period. Bank of Stockton increased its position in shares of Cenovus Energy by 5.0% in the fourth quarter. Bank of Stockton now owns 15,246 shares of the oil and gas company’s stock valued at $258,000 after buying an additional 725 shares in the last quarter. Finally, Signaturefd LLC raised its stake in shares of Cenovus Energy by 3.3% during the 4th quarter. Signaturefd LLC now owns 68,234 shares of the oil and gas company’s stock worth $1,155,000 after buying an additional 2,205 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

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.