Cenovus Energy (TSE:CVE) Reaches New 1-Year High - Here's Why

Key Points

• 52-week high: Cenovus's stock reached a new 52-week high of C$35.62 (last C$35.22) on strong volume, up from a prior close of C$34.00.
• Analyst sentiment: Several firms raised price targets (Jefferies to C$37, Desjardins to C$36, RBC to C$32) and MarketBeat shows a consensus "Buy" with an average target of C$32.67, signaling broad analyst optimism despite a few downgrades.
• Fundamentals & dividend: Cenovus has a C$65.62B market cap and P/E of 16.24, reported C$0.50 EPS and C$10.88B revenue last quarter, and declared a C$0.20 quarterly dividend (annualized C$0.80, ~2.3% yield) payable March 31.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE's stock price reached a new 52-week high on Tuesday . The company traded as high as C$35.62 and last traded at C$35.22, with a volume of 4495191 shares. The stock had previously closed at C$34.00.

Wall Street Analysts Forecast Growth

CVE has been the topic of several recent analyst reports. Jefferies Financial Group increased their price objective on shares of Cenovus Energy from C$30.00 to C$37.00 in a report on Monday, March 16th. JPMorgan Chase & Co. downgraded shares of Cenovus Energy from a "buy" rating to a "neutral" rating and set a C$25.00 price target for the company. in a research report on Tuesday, January 20th. Royal Bank Of Canada raised their price target on shares of Cenovus Energy from C$31.00 to C$32.00 and gave the company an "outperform" rating in a research note on Friday, February 20th. ATB Cormark Capital Markets lifted their price objective on Cenovus Energy from C$29.00 to C$34.00 in a report on Monday, February 23rd. Finally, Desjardins boosted their price objective on 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. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Cenovus Energy presently has a consensus rating of "Buy" and an average target price of C$32.67.

Cenovus Energy Stock Performance

The company has a market cap of C$65.62 billion, a price-to-earnings ratio of 16.24, a PEG ratio of 0.09 and a beta of 0.63. The firm's 50 day simple moving average is C$29.22 and its 200-day simple moving average is C$25.83. The company has a debt-to-equity ratio of 53.80, a quick ratio of 1.00 and a current ratio of 1.57.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last posted its quarterly earnings results on Thursday, February 19th. The company reported C$0.50 earnings per share for the quarter. The firm had revenue of C$10.88 billion for the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. On average, sell-side analysts predict 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 will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 31st will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, March 13th. Cenovus Energy's payout ratio is currently 36.28%.

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.

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