Cenovus Energy Inc. (NYSE:CVE) Announces Dividend of $0.20

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) announced a dividend on Tuesday, June 10th, investing.com reports. Investors of record on Monday, June 16th will be paid a dividend of 0.20 per share by the oil and gas company on Monday, June 30th. This represents a yield of 4.25%. The ex-dividend date of this dividend is Friday, June 13th. This is a 75.4% increase from Cenovus Energy’s previous dividend of $0.11.

Cenovus Energy has a dividend payout ratio of 55.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Cenovus Energy to earn $1.91 per share next year, which means the company should continue to be able to cover its $0.58 annual dividend with an expected future payout ratio of 30.4%.

Cenovus Energy Trading Down 0.2%

Shares of Cenovus Energy stock traded down $0.04 on Wednesday, reaching $14.01. 834,332 shares of the company were exchanged, compared to its average volume of 9,329,270. The stock has a fifty day moving average price of $12.56 and a 200-day moving average price of $13.91. The firm has a market capitalization of $25.53 billion, a price-to-earnings ratio of 11.57 and a beta of 0.94. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. Cenovus Energy has a fifty-two week low of $10.23 and a fifty-two week high of $20.76.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. The company had revenue of $11.15 billion for the quarter, compared to analyst estimates of $12.39 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. During the same period in the previous year, the firm earned $0.62 earnings per share. On average, analysts expect that Cenovus Energy will post 1.49 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CVE. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research report on Tuesday, April 15th. National Bank Financial lowered Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 21st. Veritas lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 14th. National Bankshares reiterated a “sector perform” rating on shares of Cenovus Energy in a research note on Friday, April 25th. Finally, Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Cenovus Energy presently has an average rating of “Moderate Buy” and a consensus price target of $25.75.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Cenovus Energy stock. Jones Financial Companies Lllp boosted its holdings in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 574.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,607 shares of the oil and gas company’s stock after purchasing an additional 18,405 shares during the quarter. Jones Financial Companies Lllp’s holdings in Cenovus Energy were worth $301,000 at the end of the most recent quarter. 51.19% of the stock is owned by institutional investors.

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.