Cenovus Energy (TSE:CVE) Sets New 12-Month High – Should You Buy?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as C$35.62 and last traded at C$35.22, with a volume of 4495191 shares. The stock had previously closed at C$34.00.

Analysts Set New Price Targets

A number of analysts have weighed in on CVE shares. JPMorgan Chase & Co. downgraded shares of Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 target price for the company. in a research report on Tuesday, January 20th. Scotiabank boosted 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. Gerdes Energy Research lowered shares of Cenovus Energy from a “buy” rating to a “neutral” rating in a research note on Friday, March 20th. Veritas upgraded shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, March 10th. Finally, National Bank Financial lifted their target price on shares of Cenovus Energy from C$29.00 to C$34.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. Three research 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 MarketBeat.com, Cenovus Energy presently has an average rating of “Buy” and an average target price of C$32.67.

Cenovus Energy Trading Up 0.4%

The firm has a 50-day moving average of C$29.63 and a 200 day moving average of C$25.99. The company has a market cap of C$67.67 billion, a P/E ratio of 16.75, a price-to-earnings-growth ratio of 0.09 and a beta of 0.63. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 53.80.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its earnings results on Thursday, February 19th. The company reported C$0.50 earnings per share for the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%.The business had revenue of C$10.88 billion during the quarter. On average, analysts predict that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

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

Insider Activity

In related news, insider John F. Soini sold 10,275 shares of the stock in a transaction on 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 transaction, the insider directly owned 2,114 shares of the company’s stock, valued at C$74,264.82. This represents a 82.94% decrease in their ownership of the stock. 32.03% of the stock is owned by insiders.

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.