Cenovus Energy (TSE:CVE) Sets New 12-Month High – Here’s What Happened

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as C$28.02 and last traded at C$27.90, with a volume of 4193366 shares traded. The stock had previously closed at C$26.99.

Wall Street Analysts Forecast Growth

CVE has been the topic of a number of research analyst reports. National Bankshares boosted their price target on Cenovus Energy from C$29.00 to C$34.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. Scotiabank boosted their target price on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the stock a “hold” rating in a report on Tuesday, January 20th. JPMorgan Chase & Co. cut shares of Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 target price for the company. in a research note on Tuesday, January 20th. The Goldman Sachs Group upgraded shares of Cenovus Energy to a “strong-buy” rating in a report on Friday, January 2nd. Finally, Morgan Stanley dropped their price objective on shares of Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of C$29.41.

Cenovus Energy Stock Performance

The business’s 50 day moving average is C$24.60 and its 200 day moving average is C$23.67. The stock has a market capitalization of C$53.03 billion, a PE ratio of 16.25, a PEG ratio of 0.09 and a beta of 0.65. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59.

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

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were issued a $0.20 dividend. The ex-dividend date was Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.8%. Cenovus Energy’s dividend payout ratio is presently 43.93%.

Insiders Place Their Bets

In related news, Director Michael John Crothers acquired 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The stock was bought at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the acquisition, the director directly owned 8,000 shares of the company’s stock, valued at C$193,840. This represents a 33.33% increase in their position. 32.03% of the stock is owned by insiders.

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.