Cenovus Energy Inc (NYSE:CVE) Announces C$0.22 Quarterly Dividend

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) declared a quarterly dividend on Wednesday, July 29th. Stockholders of record on Tuesday, September 15th will be paid a dividend of 0.22 per share by the oil and gas company on Tuesday, September 29th. This represents a c) dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 15th.

Cenovus Energy has increased its dividend payment by an average of 0.6%per year over the last three years and has increased its dividend annually for the last 4 consecutive years. Cenovus Energy has a dividend payout ratio of 60.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Cenovus Energy to earn $2.68 per share next year, which means the company should continue to be able to cover its $0.63 annual dividend with an expected future payout ratio of 23.5%.

Cenovus Energy Price Performance

NYSE CVE opened at $29.07 on Thursday. Cenovus Energy has a one year low of $14.48 and a one year high of $32.07. The stock has a 50-day moving average of $27.28 and a 200 day moving average of $25.08. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. The company has a market capitalization of $54.08 billion, a price-to-earnings ratio of 15.97 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.11. The business had revenue of $14.59 billion for the quarter, compared to analysts’ expectations of $11.87 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The business’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 EPS. On average, sell-side analysts forecast that Cenovus Energy will post 3.02 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Desjardins upgraded shares of Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Raymond James Financial cut Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. Scotiabank raised Cenovus Energy to a “strong-buy” rating in a report on Friday, June 26th. Finally, Wall Street Zen downgraded Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cenovus Energy presently has an average rating of “Moderate Buy” and an average price target of $35.25.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.