Cenovus Energy Inc (NYSE:CVE) Plans Quarterly Dividend of C$0.22

Key Points

• Cenovus declared a quarterly dividend of C$0.22 per share, payable December 31 to shareholders of record December 15. The annualized dividend is C$0.88, implying a 3.1% yield.
• The company reported quarterly earnings of $1.31 per share, beating the $1.12 analyst consensus; its dividend payout ratio was reported at 60%.
• Cenovus shares fell 7.7% on Wednesday to $28.38.

Cenovus Energy Inc (NYSE:CVE - Get Free Report) TSE: CVE declared a quarterly dividend on Wednesday, November 4th. Investors of record on Tuesday, December 15th will be given a dividend of C$0.22 per share by the oil and gas company on Thursday, December 31st. This represents a $0.88 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, December 15th.

Cenovus Energy has raised its dividend by an average of 0.6% annually over the last three years and has increased its dividend every year for the last 4 years. Cenovus Energy has a dividend payout ratio of 60.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Cenovus Energy to earn $4.01 per share next year, which means the company should continue to be able to cover its $0.63 annual dividend with an expected future payout ratio of 15.7%.

Cenovus Energy Stock Down 7.7%

CVE traded down $2.36 on Wednesday, hitting $28.38. The company had a trading volume of 12,536,841 shares, compared to its average volume of 10,044,014. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. Cenovus Energy has a 52-week low of $15.63 and a 52-week high of $34.16. The stock has a fifty day simple moving average of $32.14 and a 200-day simple moving average of $27.51. The firm has a market capitalization of $51.56 billion, a P/E ratio of 10.92 and a beta of 0.38.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings data on Wednesday, November 4th. The oil and gas company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.19. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%. As a group, equities analysts expect that Cenovus Energy will post 4.12 EPS for the current fiscal year.

Institutional Trading of Cenovus Energy

Hedge funds have recently made changes to their positions in the stock. Point Nemo Capital LLC lifted its position in Cenovus Energy by 5.2% in the 3rd quarter. Point Nemo Capital LLC now owns 48,650 shares of the oil and gas company's stock valued at $1,512,000 after acquiring an additional 2,413 shares in the last quarter. Ethic Inc. bought a new stake in shares of Cenovus Energy in the 3rd quarter worth $322,000. Ashton Thomas Private Wealth LLC increased its holdings in shares of Cenovus Energy by 103.2% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 56,327 shares of the oil and gas company's stock worth $1,751,000 after purchasing an additional 28,603 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Cenovus Energy by 1.4% in the third quarter. International Assets Investment Management LLC now owns 51,325 shares of the oil and gas company's stock worth $1,624,000 after purchasing an additional 710 shares during the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in shares of Cenovus Energy in the third quarter worth $433,000. 51.19% of the stock is owned by institutional investors.

About Cenovus Energy

Cenovus Energy Inc NYSE: CVE is an integrated Canadian energy company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas. Its upstream operations include oil sands projects in northern Alberta, as well as conventional oil and natural gas assets in Canada.

The company also operates oil sands upgraders, refineries, and related infrastructure. Through its downstream business, Cenovus produces and markets refined petroleum products, including gasoline, diesel, jet fuel, asphalt, and other products.

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