Cenovus Energy (TSE:CVE) Hits New 12-Month High - What's Next?

Key Points

• Cenovus Energy shares reached a new 52-week high of C$25.34, with a last traded price of C$25.09 and a volume of 1,766,700 shares.
• Analysts have generally given Cenovus Energy a consensus rating of "Buy", with an average target price of C$27.90; notable upgrades include Royal Bank of Canada increasing their target from C$25.00 to C$26.00.
• The company announced a quarterly dividend of $0.20 per share, yielding 3.2%, with an ex-dividend date set for Monday, September 15th.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE shares reached a new 52-week high on Friday . The company traded as high as C$25.34 and last traded at C$25.09, with a volume of 1766700 shares. The stock had previously closed at C$24.65.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CVE shares. Royal Bank Of Canada upped their target price on Cenovus Energy from C$25.00 to C$26.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Raymond James Financial increased their price objective on Cenovus Energy from C$29.00 to C$30.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. JPMorgan Chase & Co. cut their price objective on Cenovus Energy from C$32.00 to C$29.00 and set an "overweight" rating for the company in a research report on Thursday, September 11th. National Bank Financial upgraded Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd. Finally, National Bankshares increased their price objective on Cenovus Energy from C$28.00 to C$29.00 and gave the company an "outperform" rating in a research report on Wednesday, September 10th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of C$27.90.

Cenovus Energy Trading Up 0.8%

The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The company has a fifty day moving average of C$21.87 and a 200-day moving average of C$19.62. The firm has a market capitalization of C$44.72 billion, a PE ratio of 17.26, a price-to-earnings-growth ratio of 0.09 and a beta of 0.78.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 29th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.2%. The ex-dividend date is Monday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is 51.39%.

About Cenovus Energy

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.

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