Cenovus Energy (NYSE:CVE) Hits New 1-Year High – Time to Buy?

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $23.56 and last traded at $23.2490, with a volume of 3731426 shares changing hands. The stock had previously closed at $22.31.

Wall Street Analyst Weigh In

Several research firms have weighed in on CVE. The Goldman Sachs Group reiterated a “buy” rating and set a $22.00 target price on shares of Cenovus Energy in a research note on Monday, February 2nd. Zacks Research cut shares of Cenovus Energy from a “hold” rating to a “strong sell” rating in a report on Friday, February 20th. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Cenovus Energy in a report on Tuesday, January 20th. Veritas downgraded Cenovus Energy from a “hold” rating to a “strong sell” rating in a report on Monday, February 23rd. Finally, Scotiabank raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $27.33.

Cenovus Energy Trading Up 3.7%

The business’s 50 day moving average is $19.18 and its two-hundred day moving average is $17.85. The firm has a market capitalization of $43.48 billion, a P/E ratio of 15.08 and a beta of 0.43. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.35.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.08. The company had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $10.89 billion. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. During the same period in the previous year, the firm earned $0.07 EPS. Analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a $0.20 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.80 annualized dividend and a yield of 3.5%. Cenovus Energy’s payout ratio is 37.25%.

Institutional Trading of Cenovus Energy

A number of large investors have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. bought a new position in shares of Cenovus Energy in the fourth quarter valued at $1,058,000. Compound Planning Inc. raised its position in shares of Cenovus Energy by 12.2% during the fourth quarter. Compound Planning Inc. now owns 11,729 shares of the oil and gas company’s stock worth $198,000 after purchasing an additional 1,276 shares during the period. Corient Private Wealth LLC lifted its holdings in shares of Cenovus Energy by 33.4% during the fourth quarter. Corient Private Wealth LLC now owns 45,290 shares of the oil and gas company’s stock valued at $766,000 after purchasing an additional 11,350 shares during the last quarter. Alberta Investment Management Corp boosted its position in shares of Cenovus Energy by 2.0% in the 4th quarter. Alberta Investment Management Corp now owns 5,518,825 shares of the oil and gas company’s stock valued at $93,367,000 after purchasing an additional 106,225 shares during the period. Finally, Vident Advisory LLC increased its stake in Cenovus Energy by 17.0% in the 4th quarter. Vident Advisory LLC now owns 25,503 shares of the oil and gas company’s stock worth $432,000 after purchasing an additional 3,704 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

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.