Cenovus Energy Inc. (NYSE:CVE) Announces Dividend Increase – $0.13 Per Share

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) announced a quarterly dividend on Thursday, October 31st,Zacks Dividends reports. Investors of record on Friday, December 13th will be paid a dividend of 0.133 per share by the oil and gas company on Tuesday, December 31st. This represents a $0.53 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13.

Cenovus Energy has raised its dividend payment by an average of 103.3% annually over the last three years. Cenovus Energy has a payout ratio of 33.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Cenovus Energy to earn $1.47 per share next year, which means the company should continue to be able to cover its $0.51 annual dividend with an expected future payout ratio of 34.7%.

Cenovus Energy Trading Down 0.5 %

Shares of CVE stock opened at $15.11 on Wednesday. Cenovus Energy has a 1 year low of $14.69 and a 1 year high of $21.90. The company’s fifty day simple moving average is $16.41 and its two-hundred day simple moving average is $17.94. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The stock has a market capitalization of $27.60 billion, a price-to-earnings ratio of 10.42 and a beta of 2.02.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The business had revenue of $14.20 billion during the quarter, compared to analyst estimates of $10.25 billion. During the same quarter in the previous year, the firm earned $0.72 EPS. The company’s quarterly revenue was down 17.9% compared to the same quarter last year. As a group, analysts anticipate that Cenovus Energy will post 1.48 earnings per share for the current year.

Analysts Set New Price Targets

CVE has been the subject of several recent analyst reports. StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Thursday, December 5th. TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. Finally, BMO Capital Markets decreased their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cenovus Energy has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.