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

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as C$46.01 and last traded at C$45.98, with a volume of 2404604 shares traded. The stock had previously closed at C$44.52.

Analyst Upgrades and Downgrades

CVE has been the subject of a number of recent research reports. Scotia upped their target price on Cenovus Energy from C$38.00 to C$44.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. lifted their price target on shares of Cenovus Energy from C$45.00 to C$51.00 in a research note on Thursday, July 30th. Gerdes Energy Research raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and boosted their price target for the company from C$42.00 to C$46.00 in a report on Monday, June 29th. Desjardins set a C$50.00 target price on shares of Cenovus Energy and gave the company a “buy” rating in a research report on Friday, July 17th. Finally, Canadian Imperial Bank of Commerce upped their target price on shares of Cenovus Energy from C$48.00 to C$52.00 in a research note on Thursday, August 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of C$44.44.

Cenovus Energy Stock Up 3.6%

The business’s 50 day moving average price is C$40.04 and its 200-day moving average price is C$37.41. The company has a debt-to-equity ratio of 34.01, a current ratio of 1.63 and a quick ratio of 1.00. The company has a market cap of C$85.04 billion, a P/E ratio of 12.81, a PEG ratio of 0.09 and a beta of 0.16.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%.The company had revenue of C$17.43 billion for the quarter. On average, analysts anticipate that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio is 22.78%.

Insider Activity at Cenovus Energy

In other news, Director Alex Pourbaix sold 432,731 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of C$42.05, for a total value of C$18,196,338.55. Following the transaction, the director owned 1,455,996 shares of the company’s stock, valued at C$61,224,631.80. This represents a 22.91% decrease in their position. Also, insider John F. Soini sold 26,223 shares of Cenovus Energy stock in a transaction on Friday, August 21st. The stock was sold at an average price of C$44.92, for a total value of C$1,177,937.16. Following the sale, the insider directly owned 2,114 shares of the company’s stock, valued at approximately C$94,960.88. This trade represents a 92.54% decrease in their ownership of the stock. Insiders have sold a total of 601,524 shares of company stock worth $25,546,211 over the last 90 days. Insiders own 32.03% of the company’s stock.

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.