Cenovus Energy (TSE:CVE) Announces Earnings Results

Cenovus Energy (TSE:CVE) (NYSE:CVE) released its earnings results on Wednesday. The company reported C$0.84 earnings per share for the quarter, FiscalAI reports. The firm had revenue of C$12.36 billion during the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%.

Cenovus Energy Stock Performance

Shares of CVE traded down C$2.02 during trading hours on Wednesday, reaching C$39.49. 9,729,749 shares of the company traded hands, compared to its average volume of 9,354,804. The stock’s fifty day moving average is C$34.46 and its 200 day moving average is C$28.40. The stock has a market cap of C$74.23 billion, a P/E ratio of 18.37, a price-to-earnings-growth ratio of 0.09 and a beta of 0.23. The company has a debt-to-equity ratio of 53.80, a quick ratio of 1.00 and a current ratio of 1.57. Cenovus Energy has a 1-year low of C$16.02 and a 1-year high of C$42.01.

Cenovus Energy Announces Dividend

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

Insider Activity at Cenovus Energy

In other news, insider John F. Soini sold 10,275 shares of the company’s 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 completion of the transaction, the insider owned 2,114 shares of the company’s stock, valued at approximately C$74,264.82. This represents a 82.94% decrease in their ownership of the stock. Corporate insiders own 32.03% of the company’s stock.

Analysts Set New Price Targets

CVE has been the subject of a number of research analyst reports. TD Securities boosted their target price on shares of Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Scotiabank boosted their target price 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. Scotia set a C$38.00 target price on shares of Cenovus Energy and gave the stock a “sector outperform” rating in a research report on Tuesday, April 21st. TD boosted their target price on shares of Cenovus Energy from C$35.00 to C$45.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Finally, Royal Bank Of Canada boosted their target price on shares of Cenovus Energy from C$32.00 to C$42.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 8th. Three investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of C$39.00.

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.