Cenovus Energy Inc. (TSE:CVE) Raises Dividend to $0.20 Per Share

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE declared a quarterly dividend on Friday, June 13th, TickerTech Dividends reports. Stockholders of record on Monday, June 30th will be given a dividend of 0.20 per share on Monday, June 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend is Friday, June 13th. This is a 11.1% increase from Cenovus Energy's previous quarterly dividend of $0.18.

Cenovus Energy Trading Up 2.8%

Shares of TSE CVE traded up C$0.55 during mid-day trading on Friday, reaching C$20.16. The company had a trading volume of 16,922,947 shares, compared to its average volume of 6,559,736. The business's 50-day moving average is C$17.69 and its 200-day moving average is C$19.69. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The stock has a market cap of C$36.72 billion, a price-to-earnings ratio of 9.94, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. Cenovus Energy has a 52 week low of C$14.48 and a 52 week high of C$28.39.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Scotiabank upgraded shares of Cenovus Energy to a "strong-buy" rating in a report on Wednesday, March 19th. Desjardins cut their price target on shares of Cenovus Energy from C$24.50 to C$22.50 and set a "buy" rating on the stock in a report on Tuesday, April 15th. CIBC cut their price target on shares of Cenovus Energy from C$32.00 to C$28.00 in a report on Thursday, April 10th. National Bankshares cut shares of Cenovus Energy from an "outperform" rating to a "sector perform" rating and cut their price target for the stock from C$28.00 to C$25.00 in a report on Friday, February 21st. Finally, TD Securities upped their price objective on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of C$28.15.

Insider Buying and Selling

In other news, Senior Officer John F. Soini purchased 5,880 shares of the firm's stock in a transaction on Wednesday, April 9th. The stock was acquired at an average cost of C$16.89 per share, with a total value of C$99,313.20. Also, insider Hutchison Whampoa Europe Investments S.à r.l. sold 77,429 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of C$19.60, for a total transaction of C$1,517,987.80. Insiders acquired a total of 60,984 shares of company stock valued at $1,121,894 over the last three months. 32.03% of the stock is owned by company insiders.

Cenovus Energy Company Profile

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.