Cenovus Energy (NYSE:CVE) Sets New 52-Week High - Here's What Happened

Key Points

• Cenovus Energy hit a new 52-week high, trading as high as $28.04 and last at $27.9610 on Wednesday with about 247,686 shares changing hands.
• Several analysts have upgraded CVE (multiple to strong‑buy), the consensus rating is "Buy" with an average price target of $29.67, and RBC raised its target to $31.00.
• Cenovus reported Q earnings of $0.36 EPS vs. $0.28 expected while revenue missed at $9.44B, pays a $0.20 quarterly dividend (≈2.8% yield), and has a market cap of about $53.2B with a PE of ~18.6.

Cenovus Energy Inc (NYSE:CVE - Get Free Report) TSE: CVE hit a new 52-week high on Wednesday . The company traded as high as $28.04 and last traded at $27.9610, with a volume of 247686 shares trading hands. The stock had previously closed at $27.42.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CVE shares. Zacks Research raised Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 22nd. Veritas raised Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a research note on Tuesday, March 10th. Scotiabank upgraded Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, February 20th. TD Securities reiterated a "buy" rating on shares of Cenovus Energy in a report on Friday, February 20th. Finally, Royal Bank Of Canada lifted their target price on Cenovus Energy from $29.00 to $31.00 and gave the company an "outperform" rating in a report on Wednesday, February 18th. Four research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $29.67.

Cenovus Energy Stock Performance

The stock has a market capitalization of $53.22 billion, a PE ratio of 18.55 and a beta of 0.34. The stock has a fifty day moving average of $24.67 and a 200-day moving average of $20.33. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.35.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.08. The company had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $10.89 billion. Cenovus Energy had a return on equity of 13.25% and a net margin of 7.92%.During the same period in the previous year, the business earned $0.07 EPS. Equities analysts anticipate that Cenovus Energy Inc will post 2.28 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Friday, March 13th. Cenovus Energy's dividend payout ratio is currently 37.91%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Financial Management Professionals Inc. acquired a new position in shares of Cenovus Energy during the 4th quarter worth about $25,000. Transamerica Financial Advisors LLC boosted its position in shares of Cenovus Energy by 1,302.7% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company's stock worth $26,000 after acquiring an additional 1,433 shares in the last quarter. NBC Securities Inc. boosted its position in shares of Cenovus Energy by 961.5% during the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company's stock worth $28,000 after acquiring an additional 1,500 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Cenovus Energy during the 4th quarter worth about $38,000. Finally, Advisory Services Network LLC acquired a new position in shares of Cenovus Energy during the 3rd quarter worth about $50,000. 51.19% of the stock is owned by institutional investors and hedge funds.

About Cenovus Energy

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.

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