Cenovus Energy (TSE:CVE) Reaches New 1-Year High - What's Next?

Key Points

• Cenovus Energy reached a new 52‑week high of C$42.01 (last C$41.82), trading up about 1.8% with a market capitalization near C$78.02 billion.
• Analysts are broadly positive, with a MarketBeat consensus rating of "Buy" and a consensus price target of C$39.00 after multiple upgrades and raised targets (e.g., JPMorgan to C$41.00).
• The company reported quarterly EPS of C$0.50 on C$10.88 billion in revenue, pays a quarterly dividend of C$0.20 (annualized C$0.80, yield 1.9%), and insiders recently sold shares while still owning about 32% of the stock.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE hit a new 52-week high on Tuesday . The stock traded as high as C$42.01 and last traded at C$41.82, with a volume of 2943583 shares. The stock had previously closed at C$40.79.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CVE shares. Scotia set a C$38.00 price target on Cenovus Energy and gave the stock a "sector outperform" rating in a report on Tuesday, April 21st. Jefferies Financial Group upped their price target on Cenovus Energy from C$30.00 to C$37.00 in a report on Monday, March 16th. Veritas upgraded Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a report on Tuesday, March 10th. TD Securities increased their price objective on Cenovus Energy from C$28.00 to C$35.00 and gave the company a "buy" rating in a report on Friday, February 20th. Finally, JPMorgan Chase & Co. increased their price objective on Cenovus Energy from C$25.00 to C$41.00 in a report on Tuesday, April 14th. Three analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of C$39.00.

Cenovus Energy Trading Up 1.8%

The stock has a market capitalization of C$78.02 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 0.09 and a beta of 0.23. The company has a debt-to-equity ratio of 53.80, a quick ratio of 1.00 and a current ratio of 1.57. The business has a 50-day moving average of C$34.24 and a 200-day moving average of C$28.28.

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

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 31st were given a $0.20 dividend. 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 1.9%. Cenovus Energy's dividend payout ratio is 36.28%.

Insider Activity

In related news, insider John F. Soini sold 10,275 shares of the company's stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total value of C$360,960.75. Following the completion of the sale, the insider directly owned 2,114 shares of the company's stock, valued at C$74,264.82. This represents a 82.94% decrease in their position. 32.03% of the stock is currently owned by company insiders.

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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