Cenovus Energy (NYSE:CVE) Sets New 1-Year High on Analyst Upgrade

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) reached a new 52-week high during mid-day trading on Tuesday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. The company traded as high as $33.79 and last traded at $33.5850, with a volume of 360347 shares trading hands. The stock had previously closed at $32.37.

CVE has been the topic of a number of other reports. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Lake Street Capital set a $36.00 price target on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $39.00.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CVE. TD Asset Management Inc boosted its stake in Cenovus Energy by 3.6% in the fourth quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock worth $287,897,000 after buying an additional 595,518 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new position in shares of Cenovus Energy during the second quarter worth approximately $17,275,000. Beverly Hills Private Wealth LLC purchased a new position in shares of Cenovus Energy during the second quarter worth approximately $2,678,000. Alberta Investment Management Corp purchased a new position in shares of Cenovus Energy during the second quarter worth approximately $143,730,000. Finally, GQG Partners LLC bought a new stake in shares of Cenovus Energy in the 2nd quarter worth approximately $411,552,000. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Trading Up 3.4%

The stock has a market capitalization of $61.67 billion, a P/E ratio of 12.87 and a beta of 0.35. The stock’s fifty day moving average price is $29.31 and its two-hundred day moving average price is $27.37. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting the consensus estimate of $1.11. The company had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The firm’s quarterly revenue was up 47.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.45 EPS. Equities research analysts forecast that Cenovus Energy Inc will post 3.2 EPS for the current year.

Cenovus Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is 24.62%.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.