Cenovus Energy (TSE:CVE) Reaches New 1-Year High Following Analyst Upgrade

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s share price hit a new 52-week high during trading on Tuesday after Royal Bank Of Canada raised their price target on the stock from C$30.00 to C$32.00. The stock traded as high as C$25.94 and last traded at C$25.89, with a volume of 18792216 shares. The stock had previously closed at C$25.20.

Other equities research analysts also recently issued research reports about the company. National Bank Financial upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, August 22nd. Raymond James Financial upgraded shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from C$30.00 to C$32.00 in a research note on Thursday, October 9th. Jefferies Financial Group increased their target price on shares of Cenovus Energy from C$25.00 to C$29.00 and gave the company a “buy” rating in a report on Tuesday, September 2nd. ATB Capital boosted their price target on shares of Cenovus Energy from C$25.00 to C$28.00 and gave the stock an “outperform” rating in a report on Monday, August 25th. Finally, Desjardins upped their price objective on shares of Cenovus Energy from C$27.50 to C$29.00 in a research report on Monday, August 25th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of C$28.64.

Cenovus Energy Stock Up 2.7%

The company has a market capitalization of C$48.92 billion, a PE ratio of 14.97, a PEG ratio of 0.09 and a beta of 0.41. The stock’s 50 day moving average is C$24.05 and its 200 day moving average is C$21.31. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its earnings results on Friday, October 31st. The company reported C$0.72 earnings per share for the quarter. Cenovus Energy had a return on equity of 12.67% and a net margin of 6.72%.The business had revenue of C$13.20 billion during the quarter. On average, sell-side analysts anticipate that Cenovus Energy Inc. will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 29th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Monday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is 43.93%.

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.