Cenovus Energy (TSE:CVE) Hits New 1-Year High - Time to Buy?

Key Points

• Cenovus Energy shares reached a new 52-week high of C$46.01, up 3.6%, with the stock last trading near C$45.98.
• Analysts remain broadly bullish, with two “Strong Buy” and eleven “Buy” ratings. Recent price targets range from C$46 to C$60, although the average target is C$44.44.
• The company reported C$1.53 in quarterly EPS on C$17.43 billion in revenue and raised its quarterly dividend to C$0.22, while insiders have sold approximately 601,524 shares over the past 90 days.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE's stock price hit a new 52-week high on Tuesday . The company traded as high as C$46.01 and last traded at C$45.98, with a volume of 2404604 shares. The stock had previously closed at C$44.52.

Analysts Set New Price Targets

CVE has been the topic of a number of analyst reports. TD increased their price objective on Cenovus Energy from C$46.00 to C$49.00 and gave the company a "buy" rating in a report on Thursday, July 30th. National Bank Financial set a C$60.00 target price on Cenovus Energy and gave the stock an "outperform" rating in a report on Tuesday, August 25th. Royal Bank Of Canada upped their target price on Cenovus Energy from C$47.00 to C$51.00 and gave the stock an "outperform" rating in a research report on Thursday, July 30th. Gerdes Energy Research upgraded Cenovus Energy from a "neutral" rating to a "buy" rating and increased their price target for the company from C$42.00 to C$46.00 in a report on Monday, June 29th. Finally, Raymond James Financial lifted their price target on shares of Cenovus Energy from C$41.00 to C$46.00 and gave the company an "outperform" rating in a research report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of C$44.44.

Cenovus Energy Trading Up 3.6%

The company has a market capitalization of C$85.04 billion, a price-to-earnings ratio of 12.81, a price-to-earnings-growth ratio of 0.09 and a beta of 0.16. The business has a fifty day moving average price of C$40.04 and a 200 day moving average price of C$37.41. The company has a debt-to-equity ratio of 34.01, a current ratio of 1.63 and a quick ratio of 1.00.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last announced its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. The business had revenue of C$17.43 billion for the quarter. On average, equities analysts expect that Cenovus Energy Inc. will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were issued a $0.22 dividend. This is a boost from Cenovus Energy's previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a yield of 1.9%. Cenovus Energy's payout ratio is currently 22.78%.

Insiders Place Their Bets

In other news, insider Jonathan Michael Mckenzie sold 104,974 shares of the business's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the transaction, the insider owned 843,824 shares in the company, valued at approximately C$36,697,905.76. The trade was a 11.06% decrease in their position. Also, Director Alex Pourbaix sold 30,186 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of C$42.17, for a total transaction of C$1,272,943.62. Following the transaction, the director directly owned 1,455,996 shares of the company's stock, valued at C$61,399,351.32. This represents a 2.03% decrease in their position. Insiders have sold 601,524 shares of company stock worth $25,546,211 in the last ninety days. Insiders own 32.03% of the company's stock.

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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