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

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as C$47.20 and last traded at C$47.07, with a volume of 1007754 shares trading hands. The stock had previously closed at C$45.89.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CVE shares. Desjardins set a C$50.00 target price on shares of Cenovus Energy and gave the company a “buy” rating in a research note on Friday, July 17th. JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating and upped their price target for the stock from C$51.00 to C$58.00 in a research report on Tuesday, September 8th. UBS Group lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 2nd. Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and raised their price objective for the stock from C$42.00 to C$46.00 in a research report on Monday, June 29th. Finally, Raymond James Financial boosted their target price on Cenovus Energy from C$41.00 to C$46.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Cenovus Energy currently has a consensus rating of “Buy” and an average price target of C$44.88.

Cenovus Energy Trading Up 2.1%

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 stock has a 50-day simple moving average of C$42.35 and a 200 day simple moving average of C$38.62. The company has a market cap of C$87.10 billion, a price-to-earnings ratio of 13.12, a PEG ratio of 0.09 and a beta of 0.19.

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 for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%.The business had revenue of C$17.43 billion for the quarter. As a group, equities research analysts predict that Cenovus Energy Inc. will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

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

Insiders Place Their Bets

In other Cenovus Energy news, Director Alex Pourbaix sold 432,731 shares of Cenovus Energy stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of C$42.05, for a total transaction of C$18,196,338.55. Following the completion of the sale, the director directly owned 1,455,996 shares in the company, valued at approximately C$61,224,631.80. The trade was a 22.91% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 104,974 shares of the company’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 sale, the insider directly owned 843,824 shares in the company, valued at C$36,697,905.76. This trade represents a 11.06% decrease in their ownership of the stock. In the last ninety days, insiders sold 601,524 shares of company stock valued at $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.