Cenovus Energy (TSE:CVE) Reaches New 52-Week High – Here’s Why

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$46.60 and last traded at C$45.59, with a volume of 2603583 shares traded. The stock had previously closed at C$44.83.

Analysts Set New Price Targets

Several research analysts have issued reports on CVE shares. UBS Group cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 2nd. Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and increased their price target for the company from C$42.00 to C$46.00 in a report on Monday, June 29th. Scotiabank raised their price target on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. boosted their price objective on shares of Cenovus Energy from C$45.00 to C$51.00 in a report on Thursday, July 30th. Finally, Desjardins set a C$50.00 price objective on Cenovus Energy and gave the company a “buy” rating in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Cenovus Energy presently has a consensus rating of “Buy” and an average target price of C$44.44.

Cenovus Energy Stock Performance

The business’s fifty day moving average price is C$41.02 and its 200-day moving average price is C$37.96. The stock has a market cap of C$83.89 billion, a PE ratio of 12.64, a P/E/G ratio of 0.09 and a beta of 0.19. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. The firm 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%. As a group, equities research analysts forecast that Cenovus Energy Inc. will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

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

Insider Activity

In other news, insider John F. Soini sold 26,223 shares of the stock in a transaction on Friday, August 21st. The stock was 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. This represents a 92.54% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 104,974 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of C$43.49, for a total value of C$4,565,319.26. Following the completion of the transaction, the insider owned 843,824 shares in the company, valued at approximately C$36,697,905.76. This trade represents a 11.06% decrease in their ownership of the stock. Insiders have sold 601,524 shares of company stock valued at $25,546,211 in the last ninety days. 32.03% of the stock is currently owned by company insiders.

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.