Cenovus Energy Inc. (NYSE:CVE) Declares Dividend Increase - $0.20 Per Share

Cenovus Energy Inc. (NYSE:CVE - Get Free Report) TSE: CVE announced a dividend on Tuesday, June 10th, investing.com reports. Shareholders of record on Monday, June 16th will be given a dividend of 0.20 per share by the oil and gas company on Monday, June 30th. This represents a dividend yield of 4.25%. The ex-dividend date is Friday, June 13th. This is a 75.4% increase from Cenovus Energy's previous dividend of $0.11.

Cenovus Energy has a dividend payout ratio of 55.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Cenovus Energy to earn $1.91 per share next year, which means the company should continue to be able to cover its $0.58 annual dividend with an expected future payout ratio of 30.4%.

Cenovus Energy Price Performance

Shares of CVE stock traded up $0.29 on Wednesday, reaching $14.33. The company's stock had a trading volume of 17,892,325 shares, compared to its average volume of 9,413,499. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. Cenovus Energy has a 12-month low of $10.23 and a 12-month high of $20.76. The company has a market capitalization of $26.11 billion, a P/E ratio of 11.84 and a beta of 0.94. The stock's 50 day simple moving average is $12.63 and its 200-day simple moving average is $13.91.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.03. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. The company had revenue of $11.15 billion for the quarter, compared to the consensus estimate of $12.39 billion. During the same quarter last year, the business posted $0.62 earnings per share. As a group, equities analysts predict that Cenovus Energy will post 1.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cenovus Energy

An institutional investor recently raised its position in Cenovus Energy stock. Jones Financial Companies Lllp increased its position in Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 574.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 21,607 shares of the oil and gas company's stock after acquiring an additional 18,405 shares during the period. Jones Financial Companies Lllp's holdings in Cenovus Energy were worth $301,000 at the end of the most recent reporting period. 51.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CVE has been the topic of a number of research analyst reports. National Bankshares reissued a "sector perform" rating on shares of Cenovus Energy in a research note on Friday, April 25th. The Goldman Sachs Group lowered their price objective on shares of Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. National Bank Financial lowered shares of Cenovus Energy from an "outperform" rating to a "sector perform" rating in a report on Friday, February 21st. Veritas lowered shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Scotiabank upgraded shares of Cenovus Energy to a "strong-buy" rating in a report on Wednesday, March 19th. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $25.75.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.