Cenovus Energy (TSE:CVE) Releases Quarterly Earnings Results

Cenovus Energy (TSE:CVE) (NYSE:CVE) posted its quarterly earnings data on Wednesday. The company reported C$1.53 earnings per share (EPS) for the quarter, FiscalAI reports. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. The company had revenue of C$17.43 billion for the quarter.

Cenovus Energy Stock Performance

TSE:CVE opened at C$40.83 on Thursday. The stock has a 50 day simple moving average of C$38.28 and a 200 day simple moving average of C$34.71. The stock has a market cap of C$76.14 billion, a P/E ratio of 16.27, a PEG ratio of 0.09 and a beta of 0.17. Cenovus Energy has a 1-year low of C$19.97 and a 1-year high of C$44.13. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.2%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 15th. Cenovus Energy’s dividend payout ratio is 31.87%.

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, insider Jonathan Michael Mckenzie sold 69,387 shares of the business’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the completion of the sale, the insider owned 1,143,824 shares of the company’s stock, valued at C$45,192,486.24. The trade was a 5.72% decrease in their position. Also, insider Susan Mary Anderson-Olney sold 37,072 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of C$39.85, for a total value of C$1,477,319.20. Following the sale, the insider directly owned 33,275 shares in the company, valued at C$1,326,008.75. This represents a 52.70% decrease in their position. Insiders have sold a total of 225,897 shares of company stock worth $8,990,614 in the last quarter. Company insiders own 32.03% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. UBS Group increased their price target on Cenovus Energy from C$36.00 to C$41.00 in a research report on Thursday, April 9th. TD lifted their target price on Cenovus Energy from C$45.00 to C$46.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and boosted their target price for the stock from C$42.00 to C$46.00 in a report on Monday, June 29th. Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a research note on Friday, June 26th. Finally, Royal Bank Of Canada increased their price target on Cenovus Energy from C$45.00 to C$47.00 and gave the company an “outperform” rating in a research note on Tuesday, May 19th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of C$41.47.

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.