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

Key Points

• Cenovus Energy shares reached a new 52-week high, trading as high as C$47.46 before closing near C$47.13.
• Analyst sentiment remains positive: the stock carries a consensus “Buy” rating, with several firms recently raising price targets to between C$49 and C$53.
• Cenovus reported quarterly EPS of C$1.53 on C$17.43 billion in revenue and pays a quarterly dividend of $0.22 per share, while insiders sold 601,524 shares worth approximately $25.5 million over the last quarter.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE's share price reached a new 52-week high during trading on Tuesday. The stock traded as high as C$47.46 and last traded at C$47.13, with a volume of 186,487 shares changing hands. The stock had previously closed at C$46.93.

Analyst Ratings Changes

Several research firms recently commented on CVE. Raymond James Financial lifted their price objective on Cenovus Energy from C$51.00 to C$53.00 and gave the stock an "outperform" rating in a report on Tuesday, October 6th. Desjardins set a C$50.00 target price on shares of Cenovus Energy and gave the company a "buy" rating in a research note on Friday, July 17th. ATB Cormark Capital Markets upped their target price on shares of Cenovus Energy from C$42.50 to C$49.00 and gave the company an "outperform" rating in a research note on Tuesday, October 6th. Scotiabank raised their price target on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the company a "sector outperform" rating in a report on Thursday, July 30th. Finally, Royal Bank Of Canada lifted their price target on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the stock an "outperform" rating in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Cenovus Energy currently has an average rating of "Buy" and a consensus price target of C$46.12.

Cenovus Energy Stock Performance

The firm has a market cap of C$84.10 billion, a P/E ratio of 12.67, a P/E/G ratio of 0.09 and a beta of 0.28. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63. The business's 50-day simple moving average is C$44.84 and its 200 day simple moving average is C$40.65.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last released its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. The business had revenue of C$17.43 billion during the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. As a group, equities analysts predict that Cenovus Energy Inc. will post 2.26 earnings per share for the current year.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Tuesday, September 15th. Cenovus Energy's payout ratio is currently 22.78%.

Insiders Place Their Bets

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

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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