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 paid a dividend of 0.20 per share by the oil and gas company on Monday, June 30th. This represents a 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. Equities 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 Stock Performance

Cenovus Energy stock traded up $0.43 during mid-day trading on Friday, reaching $14.85. 25,037,199 shares of the stock traded hands, compared to its average volume of 9,472,990. The business's 50-day moving average is $12.78 and its 200-day moving average is $13.90. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The stock has a market capitalization of $27.06 billion, a PE ratio of 12.27 and a beta of 0.94. Cenovus Energy has a 12-month low of $10.23 and a 12-month high of $20.76.

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

Analyst Upgrades and Downgrades

CVE has been the subject of a number of analyst reports. National Bankshares restated a "sector perform" rating on shares of Cenovus Energy in a research report on Friday, April 25th. Morgan Stanley reissued an "overweight" rating on shares of Cenovus Energy in a report on Tuesday, April 15th. National Bank Financial downgraded shares of Cenovus Energy from an "outperform" rating to a "sector perform" rating in a report on Friday, February 21st. Scotiabank raised shares of Cenovus Energy to a "strong-buy" rating in a research note on Wednesday, March 19th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $25.00 target price on shares of Cenovus Energy in a research note on Friday, April 11th. 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 stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $25.75.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Cenovus Energy stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 6.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 747,472 shares of the oil and gas company's stock after purchasing an additional 44,125 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC's holdings in Cenovus Energy were worth $10,397,000 as of its most recent filing with the Securities & Exchange Commission. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

About Cenovus Energy

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.