Cenovus Energy (TSE:CVE) Issues Earnings Results

Cenovus Energy (TSE:CVE) (NYSE:CVE) released its earnings results on Wednesday. The company reported C$1.83 EPS for the quarter, FiscalAI reports. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. The firm had revenue of C$15.98 billion during the quarter.

Cenovus Energy Stock Down 8.9%

Cenovus Energy stock traded down C$3.81 during midday trading on Wednesday, reaching C$39.22. The stock had a trading volume of 5,781,026 shares, compared to its average volume of 7,134,367. The firm’s fifty day simple moving average is C$45.11 and its 200-day simple moving average is C$38.25. Cenovus Energy has a 1-year low of C$21.62 and a 1-year high of C$47.46. The stock has a market capitalization of C$72.33 billion, a P/E ratio of 10.89, a price-to-earnings-growth ratio of 0.09 and a beta of 0.16. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63.

Cenovus Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, September 15th. Cenovus Energy’s dividend payout ratio is currently 22.78%.

Insiders Place Their Bets

In other news, insider Jonathan Michael Mckenzie sold 104,974 shares of the business’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of C$43.49, for a total value of C$4,565,319.26. Following the sale, the insider owned 843,824 shares of the company’s stock, valued at C$36,697,905.76. The trade was a 11.06% decrease in their ownership of the stock. Also, Director Alex Pourbaix sold 432,731 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of C$42.05, for a total transaction of C$18,196,338.55. Following the completion of the sale, the director directly owned 1,455,996 shares in the company, valued at approximately C$61,224,631.80. This represents a 22.91% decrease in their position. Insiders sold a total of 601,524 shares of company stock valued at $25,546,211 in the last quarter. 32.03% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CVE has been the subject of several analyst reports. Royal Bank Of Canada boosted their target price on Cenovus Energy from C$47.00 to C$51.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. Canadian Imperial Bank of Commerce boosted their price objective on Cenovus Energy from C$48.00 to C$52.00 in a research report on Thursday, August 27th. Scotiabank increased their target price on Cenovus Energy from C$49.00 to C$51.00 and gave the stock a “sector outperform” rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. upgraded shares of Cenovus Energy from a “neutral” rating to an “overweight” rating and raised their target price for the stock from C$51.00 to C$58.00 in a report on Tuesday, September 8th. Finally, ATB Cormark Capital Markets lifted their price target on shares of Cenovus Energy from C$49.00 to C$55.00 and gave the company an “outperform” rating in a research note on Thursday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of C$46.75.

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.