Cenovus Energy (TSE:CVE) Reaches New 12-Month High - What's Next?

Key Points

• Cenovus Energy reached a new 52-week high of C$47.20, last trading at C$47.07 after closing at C$45.89.
• Analyst sentiment is positive, with a consensus “Buy” rating and recent target increases ranging as high as C$60.00, although the reported average target is C$44.88.
• The company announced a quarterly dividend of C$0.22 per share, while insiders sold approximately 601,524 shares worth C$25.5 million over the past three months.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE reached a new 52-week high during mid-day trading on Monday . The stock traded as high as C$47.20 and last traded at C$47.07, with a volume of 1007754 shares changing hands. The stock had previously closed at C$45.89.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CVE shares. Gerdes Energy Research raised Cenovus Energy from a "neutral" rating to a "buy" rating and raised their price objective for the stock from C$42.00 to C$46.00 in a research note on Monday, June 29th. National Bank Financial set a C$60.00 target price on Cenovus Energy and gave the company an "outperform" rating in a report on Tuesday, August 25th. TD increased their price target on Cenovus Energy from C$46.00 to C$49.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Desjardins set a C$50.00 price target on Cenovus Energy and gave the stock a "buy" rating in a research note on Friday, July 17th. Finally, JPMorgan Chase & Co. upgraded Cenovus Energy from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from C$51.00 to C$58.00 in a report on Tuesday, September 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Cenovus Energy currently has a consensus rating of "Buy" and an average target price of C$44.88.

Cenovus Energy Stock Up 1.7%

The firm has a 50-day moving average of C$41.89 and a two-hundred day moving average of C$38.39. The stock has a market capitalization of C$86.09 billion, a price-to-earnings ratio of 12.97, a price-to-earnings-growth ratio of 0.09 and a beta of 0.19. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 34.01.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last released its earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%.The company had revenue of C$17.43 billion for the quarter. As a group, sell-side analysts anticipate that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th will be given 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 is Tuesday, September 15th. Cenovus Energy's dividend payout ratio is presently 22.78%.

Insider Buying and Selling at Cenovus Energy

In other news, insider John F. Soini sold 26,223 shares of the company's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the completion of the sale, the insider owned 2,114 shares in the company, valued at approximately C$94,960.88. This represents a 92.54% decrease in their position. Also, Director Alex Pourbaix sold 432,731 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of C$42.05, for a total value of C$18,196,338.55. Following the transaction, the director directly owned 1,455,996 shares in the company, valued at approximately C$61,224,631.80. This represents a 22.91% decrease in their position. Insiders have sold a total of 601,524 shares of company stock worth $25,546,211 over the last three months. Corporate insiders own 32.03% of the company's stock.

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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