Cenovus Energy (TSE:CVE) Hits New 12-Month High – What’s Next?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$39.23 and last traded at C$39.03, with a volume of 4428834 shares traded. The stock had previously closed at C$37.55.

Wall Street Analyst Weigh In

CVE has been the topic of several research analyst reports. National Bank Financial raised their price objective on Cenovus Energy from C$30.00 to C$57.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 31st. UBS Group raised their price objective on Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. Royal Bank Of Canada raised their price objective on Cenovus Energy from C$32.00 to C$42.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 8th. TD Securities raised their price objective on Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Finally, JPMorgan Chase & Co. raised their target price on Cenovus Energy from C$25.00 to C$41.00 in a research note on Tuesday, April 14th. Three research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of C$39.00.

Cenovus Energy Price Performance

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 capitalization of C$73.66 billion, a P/E ratio of 18.23, a PEG ratio of 0.09 and a beta of 0.07. The business has a 50 day simple moving average of C$33.90 and a 200-day simple moving average of C$28.06.

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

Cenovus Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 31st were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, March 13th. Cenovus Energy’s payout ratio is currently 36.28%.

Insider Buying and Selling at Cenovus Energy

In related news, insider John F. Soini sold 10,275 shares of Cenovus Energy 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 sale, the insider directly owned 2,114 shares in the company, valued at C$74,264.82. The trade was a 82.94% decrease in their ownership of the stock. 32.03% of the stock is currently owned by corporate 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.