Cenovus Energy (TSE:CVE) Reaches New 52-Week High Following Analyst Upgrade

Key Points

• Cenovus Energy reached a new 52-week high of C$25.97 after receiving an upgrade from Raymond James Financial, which increased its price target from C$30.00 to C$32.00.
• Several other research firms also raised their ratings and price targets for Cenovus Energy, indicating strong market support with a consensus rating of "Buy" and an average price target of C$28.10.
• The company recently announced a quarterly dividend of $0.20, with a 3.2% yield, reflecting a commitment to shareholder returns as indicated by a payout ratio of 51.39%.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE hit a new 52-week high during trading on Thursday after Raymond James Financial upgraded the stock from an outperform rating to a strong-buy rating. Raymond James Financial now has a C$32.00 price target on the stock, up from their previous price target of C$30.00. Cenovus Energy traded as high as C$25.97 and last traded at C$25.22, with a volume of 6883684 shares. The stock had previously closed at C$24.71.

A number of other research firms have also weighed in on CVE. National Bank Financial raised shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, August 22nd. ATB Capital lifted their price objective on shares of Cenovus Energy from C$25.00 to C$28.00 and gave the stock an "outperform" rating in a research note on Monday, August 25th. Jefferies Financial Group lifted their price objective on shares of Cenovus Energy from C$25.00 to C$29.00 and gave the stock a "buy" rating in a research note on Tuesday, September 2nd. Desjardins lifted their price objective on shares of Cenovus Energy from C$27.50 to C$29.00 in a research note on Monday, August 25th. Finally, Royal Bank Of Canada lifted their price objective on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Cenovus Energy presently has a consensus rating of "Buy" and an average price target of C$28.10.

Cenovus Energy Trading Up 2.5%

The company has a 50 day moving average of C$22.60 and a 200 day moving average of C$19.91. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The stock has a market capitalization of C$45.57 billion, a price-to-earnings ratio of 17.58, a P/E/G ratio of 0.09 and a beta of 0.66.

Cenovus Energy Announces Dividend

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.