Cenovus Energy (TSE:CVE) Reaches New 1-Year High – Here’s What Happened

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) shares reached a new 52-week high on Tuesday. The company traded as high as C$47.46 and last traded at C$47.13, with a volume of 186,487 shares traded. The stock had previously closed at C$46.93.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Raymond James Financial raised their price objective on shares of Cenovus Energy from C$51.00 to C$53.00 and gave the company an “outperform” rating in a research report on Tuesday, October 6th. Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and raised their price target for the company from C$42.00 to C$46.00 in a report on Monday, June 29th. Royal Bank Of Canada raised their price target on Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Canadian Imperial Bank of Commerce boosted their price objective on Cenovus Energy from C$48.00 to C$52.00 in a research report on Thursday, August 27th. Finally, Scotiabank upped their price objective on Cenovus Energy from C$49.00 to C$51.00 and gave the stock a “sector outperform” rating in a research note on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy presently has an average rating of “Buy” and an average target price of C$46.12.

Cenovus Energy Stock Down 2.8%

The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01. The firm has a market capitalization of C$84.10 billion, a P/E ratio of 12.67, a P/E/G ratio of 0.09 and a beta of 0.28. The company has a 50 day simple moving average of C$44.84 and a two-hundred day simple moving average of C$40.65.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. The business had revenue of C$17.43 billion during the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. On average, equities analysts predict that Cenovus Energy Inc. will post 2.26 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were given a dividend of $0.22 per share. The ex-dividend date was Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.9%. Cenovus Energy’s dividend payout ratio is currently 22.78%.

Insider Buying and Selling

In related news, insider Jonathan Michael Mckenzie sold 104,974 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the completion of the transaction, the insider directly owned 843,824 shares of the company’s stock, valued at approximately C$36,697,905.76. This trade represents a 11.06% decrease in their ownership of the stock. Also, insider John F. Soini sold 26,223 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the transaction, the insider directly owned 2,114 shares of the company’s stock, valued at C$94,960.88. The trade was a 92.54% decrease in their ownership of the stock. Over the last quarter, insiders sold 601,524 shares of company stock worth $25,546,211. 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.