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

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) reached a new 52-week high during trading on Tuesday . The stock traded as high as C$26.60 and last traded at C$26.28, with a volume of 3129727 shares changing hands. The stock had previously closed at C$25.98.

Analyst Ratings Changes

Several research firms recently issued reports on CVE. Raymond James Financial raised shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating and lifted their price target for the company from C$30.00 to C$32.00 in a research report on Thursday, October 9th. Desjardins raised their price objective on shares of Cenovus Energy from C$33.00 to C$33.50 and gave the company a “buy” rating in a research note on Friday, December 12th. The Goldman Sachs Group upgraded shares of Cenovus Energy to a “strong-buy” rating in a report on Friday, January 2nd. National Bankshares upped their target price on shares of Cenovus Energy from C$28.00 to C$29.00 and gave the stock an “outperform” rating in a report on Friday, January 9th. Finally, Morgan Stanley dropped their price target on shares of Cenovus Energy from C$31.00 to C$29.00 in a research report on Friday, January 23rd. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of C$28.95.

Cenovus Energy Stock Performance

The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The company’s fifty day moving average price is C$24.32 and its 200 day moving average price is C$23.32. The company has a market cap of C$51.89 billion, a PE ratio of 15.90, a P/E/G ratio of 0.09 and a beta of 0.50.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings data on Friday, October 31st. The company reported C$0.72 earnings per share (EPS) for the quarter. The business had revenue of C$13.20 billion during the quarter. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.67%. On average, equities research analysts predict that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 31st were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, December 15th. Cenovus Energy’s dividend payout ratio (DPR) is presently 43.93%.

Insider Buying and Selling

In other Cenovus Energy news, Director Michael John Crothers acquired 2,000 shares of the business’s stock in a transaction on Monday, December 15th. The shares were acquired at an average price of C$24.23 per share, with a total value of C$48,460.00. Following the completion of the transaction, the director owned 8,000 shares in the company, valued at approximately C$193,840. This trade represents a 33.33% increase in their ownership of the stock. Company insiders own 32.03% of the company’s stock.

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.