Cenovus Energy (TSE:CVE) Sets New 1-Year High on Analyst Upgrade

Key Points

• 52-week high: Cenovus shares rose to a new 52-week high after Raymond James raised its price target from C$33 to C$42, with the stock trading as high as C$38.50 and a consensus analyst rating of Buy (consensus target C$33.42).
• Insider sale: Director John F. Soini sold 10,275 shares at an average price of C$35.13—an 82.94% reduction in his position—while insiders still own 32.03% of the company.
• Financials & dividend: Cenovus reported C$0.50 EPS on C$10.88 billion revenue, has a market cap of C$69.6B and a P/E of 17.22, and announced a quarterly dividend of $0.20 (annualized yield ~2.2%, payout ratio ~36%).

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE shares hit a new 52-week high during mid-day trading on Monday after Raymond James Financial raised their price target on the stock from C$33.00 to C$42.00. The stock traded as high as C$38.50 and last traded at C$37.56, with a volume of 5544232 shares trading hands. The stock had previously closed at C$37.23.

A number of other research analysts have also weighed in on CVE. The Goldman Sachs Group raised Cenovus Energy to a "strong-buy" rating in a report on Friday, January 2nd. TD Securities increased their price target on shares of Cenovus Energy from C$28.00 to C$35.00 and gave the stock a "buy" rating in a report on Friday, February 20th. National Bank Financial raised their price objective on shares of Cenovus Energy from C$29.00 to C$34.00 and gave the company an "outperform" rating in a research report on Tuesday, February 3rd. ATB Cormark Capital Markets boosted their price objective on shares of Cenovus Energy from C$29.00 to C$34.00 in a research note on Monday, February 23rd. Finally, Morgan Stanley lowered their target price on shares of Cenovus Energy from C$31.00 to C$29.00 in a research note on Friday, January 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of C$33.42.

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, insider John F. Soini sold 10,275 shares of the firm'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 sale, the insider owned 2,114 shares of the company's stock, valued at C$74,264.82. This trade represents a 82.94% decrease in their position. 32.03% of the stock is currently owned by insiders.

Cenovus Energy Price Performance

The firm has a market capitalization of C$69.59 billion, a PE ratio of 17.22, a P/E/G ratio of 0.09 and a beta of 0.63. The company has a debt-to-equity ratio of 53.80, a current ratio of 1.57 and a quick ratio of 1.00. The business's 50 day moving average is C$30.09 and its two-hundred day moving average is C$26.20.

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 EPS for the quarter. The business had revenue of C$10.88 billion during the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. As a group, research analysts anticipate that Cenovus Energy Inc. will post 2.2619279 EPS for the current year.

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 31st will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, March 13th. Cenovus Energy's dividend payout ratio is currently 36.28%.

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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