Cenovus Energy (NYSE:CVE) Hits New 52-Week High – Time to Buy?

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) shares reached a new 52-week high on Friday . The stock traded as high as $19.00 and last traded at $18.8940, with a volume of 815233 shares changing hands. The stock had previously closed at $18.43.

Analyst Ratings Changes

Several research firms have recently commented on CVE. Wall Street Zen raised shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. The Goldman Sachs Group initiated coverage on shares of Cenovus Energy in a research report on Friday, January 2nd. They set a “buy” rating and a $20.00 target price for the company. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Cenovus Energy in a research report on Tuesday. Zacks Research upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 16th. Finally, Scotiabank downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Three analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $27.00.

Cenovus Energy Price Performance

The company has a current ratio of 1.73, a quick ratio of 1.18 and a debt-to-equity ratio of 0.25. The stock has a 50 day simple moving average of $17.46 and a 200-day simple moving average of $16.65. The firm has a market cap of $35.26 billion, a PE ratio of 15.39 and a beta of 0.49.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. Cenovus Energy had a return on equity of 10.73% and a net margin of 6.23%.The firm had revenue of $10.87 billion during the quarter, compared to analyst estimates of $12.51 billion. During the same quarter in the prior year, the company posted $0.42 earnings per share. The business’s quarterly revenue was down 7.0% compared to the same quarter last year. Equities analysts anticipate that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.3%. The ex-dividend date was Monday, December 15th. Cenovus Energy’s dividend payout ratio (DPR) is currently 46.72%.

Institutional Investors Weigh In On Cenovus Energy

A number of hedge funds have recently bought and sold shares of the business. Jones Financial Companies Lllp lifted its holdings in shares of Cenovus Energy by 574.8% in the 1st quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock valued at $301,000 after acquiring an additional 18,405 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Cenovus Energy by 6.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock valued at $10,397,000 after purchasing an additional 44,125 shares during the last quarter. Meridian Investment Counsel Inc. boosted its holdings in shares of Cenovus Energy by 9.4% in the 2nd quarter. Meridian Investment Counsel Inc. now owns 23,275 shares of the oil and gas company’s stock worth $317,000 after purchasing an additional 2,000 shares during the period. Paragon Capital Management Ltd purchased a new position in shares of Cenovus Energy in the 2nd quarter worth approximately $232,000. Finally, Signaturefd LLC increased its position in shares of Cenovus Energy by 84.3% during the 2nd quarter. Signaturefd LLC now owns 64,224 shares of the oil and gas company’s stock valued at $873,000 after purchasing an additional 29,371 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

About Cenovus Energy

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.