Cenovus Energy (TSE:CVE) Sets New 52-Week High – Here’s What Happened

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s stock price reached a new 52-week high on Thursday . The company traded as high as C$30.15 and last traded at C$29.19, with a volume of 5555945 shares trading hands. The stock had previously closed at C$29.90.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CVE. Desjardins increased their price target on shares of Cenovus Energy from C$33.00 to C$33.50 and gave the company a “buy” rating in a report on Friday, December 12th. Scotiabank increased their target price on Cenovus Energy from C$29.00 to C$30.00 and gave the company a “hold” rating in a research note on Tuesday, January 20th. JPMorgan Chase & Co. lowered Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 target price for the company. in a report on Tuesday, January 20th. Royal Bank Of Canada lowered their price target on Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating on the stock in a report on Tuesday, January 13th. Finally, The Goldman Sachs Group upgraded Cenovus Energy to a “strong-buy” rating in a report on Friday, January 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of C$29.41.

Cenovus Energy Stock Down 2.9%

The company has a market cap of C$54.76 billion, a P/E ratio of 16.78, a price-to-earnings-growth ratio of 0.09 and a beta of 0.65. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. The company has a fifty day moving average of C$24.85 and a 200 day moving average of C$23.87.

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

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 31st were issued a $0.20 dividend. 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 2.8%. Cenovus Energy’s dividend payout ratio (DPR) is presently 43.93%.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, Director Michael John Crothers bought 2,000 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The stock was bought at an average cost of C$24.23 per share, for a total transaction of C$48,460.00. Following the completion of the transaction, the director owned 8,000 shares of the company’s stock, valued at C$193,840. This represents a 33.33% increase in their position. Company insiders own 32.03% of the company’s stock.

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.