Cenovus Energy (NYSE:CVE) Hits New 12-Month High - Here's Why

Key Points

• Cenovus Energy Inc shares reached a new 52-week high, trading as high as $18.61, with significant trading volume of over 3.29 million shares.
• Analysts have upgraded their ratings for Cenovus Energy, with Raymond James and others raising the stock to a "strong-buy," contributing to an average price target of $23.33.
• The company recently announced a quarterly dividend of $0.20 per share, with an annualized yield of 4.4%, showcasing its commitment to returning value to shareholders.

Cenovus Energy Inc (NYSE:CVE - Get Free Report) TSE: CVE shares hit a new 52-week high on Thursday . The stock traded as high as $18.61 and last traded at $18.35, with a volume of 3294533 shares changing hands. The stock had previously closed at $17.69.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CVE shares. Raymond James Financial raised shares of Cenovus Energy from an "outperform" rating to a "strong-buy" rating in a research report on Thursday. National Bankshares reaffirmed an "outperform" rating on shares of Cenovus Energy in a report on Wednesday, September 10th. National Bank Financial raised shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. Weiss Ratings reiterated a "hold (c-)" rating on shares of Cenovus Energy in a report on Wednesday. Finally, Wall Street Zen raised shares of Cenovus Energy from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Cenovus Energy currently has an average rating of "Buy" and an average price target of $23.33.

Cenovus Energy Trading Up 2.4%

The business has a fifty day moving average price of $16.34 and a two-hundred day moving average price of $14.39. The firm has a market capitalization of $32.37 billion, a PE ratio of 17.93 and a beta of 0.92. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings data on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.19. The business had revenue of $10.66 billion for the quarter, compared to analyst estimates of $10.64 billion. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%.The company's revenue was down 12.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.62 earnings per share. Analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.80 annualized dividend and a yield of 4.4%. Cenovus Energy's dividend payout ratio is currently 57.43%.

Hedge Funds Weigh In On Cenovus Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Canada Pension Plan Investment Board grew its holdings in Cenovus Energy by 322.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 15,521,050 shares of the oil and gas company's stock valued at $211,338,000 after buying an additional 11,849,355 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Cenovus Energy by 56.5% in the first quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock valued at $270,742,000 after purchasing an additional 7,035,004 shares during the period. Picton Mahoney Asset Management acquired a new stake in Cenovus Energy during the 2nd quarter valued at approximately $74,895,000. Vanguard Group Inc. raised its holdings in Cenovus Energy by 8.8% in the first quarter. Vanguard Group Inc. now owns 54,483,601 shares of the oil and gas company's stock valued at $757,213,000 after acquiring an additional 4,401,045 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Cenovus Energy by 33.6% in the first quarter. Dimensional Fund Advisors LP now owns 17,363,386 shares of the oil and gas company's stock valued at $241,513,000 after buying an additional 4,362,384 shares during the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

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.

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