Cenovus Energy (TSE:CVE) Hits New 52-Week High – What’s Next?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) shares hit a new 52-week high during trading on Tuesday . The company traded as high as C$26.60 and last traded at C$26.28, with a volume of 3129727 shares changing hands. The stock had previously closed at C$25.98.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Royal Bank Of Canada cut their price target on Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 13th. The Goldman Sachs Group upgraded shares of Cenovus Energy to a “strong-buy” rating in a research report on Friday, January 2nd. National Bankshares upped their price target on shares of Cenovus Energy from C$28.00 to C$29.00 and gave the company an “outperform” rating in a research report on Friday, January 9th. Morgan Stanley dropped their price target on shares of Cenovus Energy from C$31.00 to C$29.00 in a research note on Friday. Finally, Raymond James Financial raised shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the stock from C$30.00 to C$32.00 in a research note on Thursday, October 9th. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of C$28.95.

Cenovus Energy Stock Up 1.8%

The company has a market cap of C$49.90 billion, a P/E ratio of 15.29, a PEG ratio of 0.09 and a beta of 0.50. The stock’s 50-day moving average price is C$24.25 and its 200-day moving average price is C$23.22. 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 announced its quarterly earnings data on Friday, October 31st. The company reported C$0.72 EPS for the quarter. The firm had revenue of C$13.20 billion during the quarter. Cenovus Energy had a return on equity of 12.67% and a net margin of 6.72%. As a group, research analysts forecast that Cenovus Energy Inc. will post 2.2619279 EPS for the current year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 31st were issued a dividend of $0.20 per share. The ex-dividend date was Monday, December 15th. This represents a $0.80 annualized dividend and a yield of 3.0%. Cenovus Energy’s dividend payout ratio is 43.93%.

Insiders Place Their Bets

In other news, Director Michael John Crothers acquired 2,000 shares of the business’s stock in a transaction on Monday, December 15th. The shares were purchased at an average cost of C$24.23 per share, with a total value 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. The trade was a 33.33% increase in their ownership of the stock. Company insiders own 32.03% of the company’s stock.

About Cenovus Energy

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.