Cenovus Energy Inc. (TSE:CVE) Plans Dividend Increase – $0.18 Per Share

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) declared a quarterly dividend on Wednesday, May 1st, Zacks reports. Shareholders of record on Friday, June 14th will be given a dividend of 0.18 per share on Friday, June 28th. This represents a $0.72 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date is Friday, June 14th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.14.

Cenovus Energy Stock Up 1.3 %

CVE stock traded up C$0.35 during trading hours on Thursday, reaching C$28.34. 903,142 shares of the stock were exchanged, compared to its average volume of 4,590,035. The firm’s 50-day moving average is C$26.71 and its 200-day moving average is C$24.50. The company has a market cap of C$53.00 billion, a price-to-earnings ratio of 13.30, a PEG ratio of 0.09 and a beta of 2.78. The company has a debt-to-equity ratio of 34.64, a current ratio of 1.56 and a quick ratio of 1.00. Cenovus Energy has a 12 month low of C$19.82 and a 12 month high of C$29.96.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings data on Thursday, February 15th. The company reported C$0.39 EPS for the quarter, topping analysts’ consensus estimates of C$0.33 by C$0.06. Cenovus Energy had a net margin of 7.87% and a return on equity of 14.60%. The company had revenue of C$13.13 billion during the quarter, compared to the consensus estimate of C$13.06 billion. During the same period in the prior year, the business posted $0.39 EPS. On average, equities research analysts expect that Cenovus Energy will post 2.6887232 earnings per share for the current year.

Insider Transactions at Cenovus Energy

In other news, Senior Officer Rhona Marie Delfrari sold 18,000 shares of the business’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of C$29.21, for a total transaction of C$525,835.80. In related news, Senior Officer Jonathan Michael Mckenzie bought 50,000 shares of the company’s stock in a transaction on Friday, February 16th. The shares were purchased at an average cost of C$23.49 per share, for a total transaction of C$1,174,500.00. Also, Senior Officer Rhona Marie Delfrari sold 18,000 shares of the business’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of C$29.21, for a total transaction of C$525,835.80. Insiders sold a total of 87,000 shares of company stock valued at $2,414,507 over the last three months. Corporate insiders own 31.50% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CVE shares. CIBC raised their target price on shares of Cenovus Energy from C$31.00 to C$35.00 and gave the company an “outperform” rating in a research note on Monday, April 22nd. Jefferies Financial Group raised their target price on shares of Cenovus Energy from C$28.00 to C$36.00 and gave the company a “buy” rating in a research note on Friday, April 12th. BMO Capital Markets raised their target price on shares of Cenovus Energy from C$29.00 to C$33.00 in a research note on Thursday, March 28th. Scotiabank cut their target price on shares of Cenovus Energy from C$31.00 to C$28.00 and set an “outperform” rating for the company in a research note on Tuesday, January 16th. Finally, National Bankshares raised their target price on shares of Cenovus Energy from C$29.00 to C$38.00 and gave the company an “outperform” rating in a research note on Friday, April 19th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Cenovus Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of C$33.35.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.