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

Key Points

• Cenovus hit a new 52-week high, trading as high as C$39.23 (last C$39.03) on strong volume of 4,428,834 shares, up from a prior close of C$37.55.
• Analysts are broadly bullish with a MarketBeat consensus rating of "Buy" and a consensus price target of C$39.00, after multiple firms raised targets (notably National Bank Financial to C$57.00 and JPMorgan to C$41.00).
• Solid fundamentals and shareholder signals: market cap C$73.66B, P/E 18.23, recent quarterly EPS C$0.50, annualized dividend C$0.80 (yield 2.0%, DPR 36.3%), while an insider sold shares but insiders still own 32.03% of the company.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE hit a new 52-week high during trading on Wednesday . The stock traded as high as C$39.23 and last traded at C$39.03, with a volume of 4428834 shares traded. The stock had previously closed at C$37.55.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. TD Securities boosted their target price on shares of Cenovus Energy from C$28.00 to C$35.00 and gave the stock a "buy" rating in a research report on Friday, February 20th. JPMorgan Chase & Co. raised their price objective on shares of Cenovus Energy from C$25.00 to C$41.00 in a research note on Tuesday, April 14th. Desjardins raised their price objective on shares of Cenovus Energy from C$33.00 to C$36.00 and gave the stock a "buy" rating in a research note on Friday, February 20th. National Bank Financial boosted their target price on shares of Cenovus Energy from C$30.00 to C$57.00 and gave the company an "outperform" rating in a research note on Tuesday, March 31st. Finally, ATB Cormark Capital Markets increased their price objective on shares of Cenovus Energy from C$29.00 to C$34.00 in a report on Monday, February 23rd. Three analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Cenovus Energy presently has a consensus rating of "Buy" and a consensus price target of C$39.00.

Cenovus Energy Stock Performance

The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 53.80. The stock has a market cap of C$73.66 billion, a price-to-earnings ratio of 18.23, a P/E/G ratio of 0.09 and a beta of 0.07. The stock's 50-day moving average is C$33.90 and its 200-day moving average is C$28.06.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last released its quarterly earnings results on Thursday, February 19th. The company reported C$0.50 earnings per share for the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. The business had revenue of C$10.88 billion during the quarter. On average, analysts expect that Cenovus Energy Inc. will post 2.2619279 EPS for the current year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 31st were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.0%. Cenovus Energy's dividend payout ratio (DPR) is presently 36.28%.

Insider Buying and Selling at Cenovus Energy

In other news, insider John F. Soini sold 10,275 shares of the firm's stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of C$35.13, for a total transaction of C$360,960.75. Following the completion of the sale, the insider owned 2,114 shares of the company's stock, valued at approximately C$74,264.82. This trade represents a 82.94% decrease in their ownership of the stock. Insiders own 32.03% of the company's stock.

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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