Cenovus Energy Inc. (TSE:CVE) Increases Dividend to $0.20 Per Share

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) announced a quarterly dividend on Friday, June 13th, TickerTech Dividends reports. Shareholders of record on Monday, June 30th will be paid a dividend of 0.20 per share on Monday, June 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date is Friday, June 13th. This is a 11.1% increase from Cenovus Energy’s previous quarterly dividend of $0.18.

Cenovus Energy Stock Down 0.5%

Shares of CVE traded down C$0.09 during midday trading on Wednesday, reaching C$19.13. 1,112,730 shares of the stock were exchanged, compared to its average volume of 6,323,302. The company has a market cap of C$34.85 billion, a price-to-earnings ratio of 9.43, a P/E/G ratio of 0.09 and a beta of 2.63. The firm has a 50 day simple moving average of C$17.44 and a 200-day simple moving average of C$19.72. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. Cenovus Energy has a 12-month low of C$14.48 and a 12-month high of C$28.39.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, Senior Officer John F. Soini purchased 4,104 shares of the company’s stock in a transaction that occurred on Tuesday, March 18th. The shares were acquired at an average price of C$19.48 per share, for a total transaction of C$79,945.92. Also, Senior Officer Jonathan Michael Mckenzie bought 50,000 shares of the business’s stock in a transaction dated Tuesday, May 20th. The shares were bought at an average price of C$18.49 per share, with a total value of C$924,500.00. Insiders have purchased a total of 60,984 shares of company stock worth $1,121,894 in the last 90 days. Corporate insiders own 32.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CVE shares. National Bankshares cut Cenovus Energy from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from C$28.00 to C$25.00 in a research report on Friday, February 21st. Veritas cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 14th. Scotiabank raised Cenovus Energy to a “strong-buy” rating in a report on Wednesday, March 19th. CIBC cut their price objective on Cenovus Energy from C$32.00 to C$28.00 in a report on Thursday, April 10th. Finally, JPMorgan Chase & Co. lowered their target price on Cenovus Energy from C$34.00 to C$32.00 and set an “overweight” rating for the company in a research note on Friday, April 11th. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$28.15.

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.