Cenovus Energy Inc (NYSE:CVE) Plans Quarterly Dividend of C$0.22

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) announced a quarterly dividend on Wednesday, November 4th. Stockholders of record on Tuesday, December 15th will be paid a dividend of C$0.22 per share by the oil and gas company on Thursday, December 31st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, December 15th.

Cenovus Energy has raised its dividend payment by an average of 0.6% annually over the last three years and has raised its dividend annually for the last 4 consecutive years. Cenovus Energy has a dividend payout ratio of 60.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Cenovus Energy to earn $4.01 per share next year, which means the company should continue to be able to cover its $0.63 annual dividend with an expected future payout ratio of 15.7%.

Cenovus Energy Stock Performance

Shares of CVE stock traded down $2.36 during trading hours on Wednesday, reaching $28.38. The company had a trading volume of 12,536,841 shares, compared to its average volume of 10,044,014. The business has a fifty day moving average price of $32.14 and a 200-day moving average price of $27.51. Cenovus Energy has a one year low of $15.63 and a one year high of $34.16. The firm has a market cap of $51.56 billion, a PE ratio of 10.92 and a beta of 0.38. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Wednesday, November 4th. The oil and gas company reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.19. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. Sell-side analysts predict that Cenovus Energy will post 4.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CVE has been the subject of a number of research analyst reports. Jefferies Financial Group reaffirmed a “buy” rating on shares of Cenovus Energy in a research report on Sunday, October 18th. Scotiabank restated an “outperform” rating on shares of Cenovus Energy in a research note on Monday, October 19th. Gerdes Energy Research upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Wednesday, September 2nd. Royal Bank Of Canada upped their price objective on Cenovus Energy from $47.00 to $51.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Finally, Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $39.00.

About Cenovus Energy

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas. Its upstream operations include oil sands projects in northern Alberta, as well as conventional oil and natural gas assets in Canada.

The company also operates oil sands upgraders, refineries, and related infrastructure. Through its downstream business, Cenovus produces and markets refined petroleum products, including gasoline, diesel, jet fuel, asphalt, and other products.