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Cenovus Energy (CVE) Stock Price, News & Analysis

$19.16
-0.12 (-0.62%)
(As of 06/12/2024 ET)
Today's Range
$19.11
$19.72
50-Day Range
$18.92
$21.80
52-Week Range
$14.69
$21.90
Volume
4.54 million shs
Average Volume
9.97 million shs
Market Capitalization
$35.60 billion
P/E Ratio
10.65
Dividend Yield
2.03%
Price Target
$29.00

Cenovus Energy MarketRank™ Stock Analysis

Analyst Rating
Buy
3.00 Rating Score
Upside/​Downside
51.3% Upside
$29.00 Price Target
Short Interest
Healthy
2.76% of Float Sold Short
Dividend Strength
Moderate
Based on Four Factors
Sustainability
-8.62
Upright™ Environmental Score
News Sentiment
1.26mentions of Cenovus Energy in the last 14 days
Based on 7 Articles This Week
Insider Trading
N/A
Proj. Earnings Growth
11.71%
From $2.05 to $2.29 Per Share

Overall MarketRank

New Rank-Based ScoringMarketRank is calculated by averaging available category scores (with extra weight given to analysis and valuation), then ranking the company's weighted average against that of other companies.

4.40 out of 5 stars

Oils/Energy Sector

39th out of 235 stocks

Crude Petroleum & Natural Gas Industry

16th out of 73 stocks

CVE stock logo

About Cenovus Energy Stock (NYSE:CVE)

Cenovus Energy Inc. is a Canadian-based large-cap integrated energy company. The company was formed in 2009 with the split of Encana and is, or was, the oil-focused branch of the business. Including its predecessor, Cenovus Energy Inc can trace its roots back to the 1880s and the first Canadian transcontinental railroad. The founders of the railroad received mineral-rich land grants as part of their reward and those land rights were levered into the energy companies we know today.

Since the split, Cenovus Energy Inc. has made some major investments by buying out partner stakes in joint ventures and acquiring independent companies as well. Two major acquisitions, one in 2017 and the other in 2021, grew Cenovus Energy Inc. to be Canada’s 3rd largest producer of crude and natural gas and its 2nd largest refiner. Cenovus Energy Inc. is located in Calgary, Alberta.

Today, Cenovus Energy explores, produces, and markets crude oil and natural gas in North America and Asia. The company operates through 4 primary segments that include Oil Sands, Conventional, Offshore, Upgrading & Refining, and Value Chain. The oil sands segment is the core of the business and includes 3 primary projects that are Foster Creek, Christina Lake and Sunrise in northern Alberta, and Saskatchewan.

The Conventional segment operates in western Canada and holds deposits of natural gas and natural gas liquids. These projects are located in Elmworth-Wapiti, Kaybob-Edson, Clearwater, and Rainbow Lake. Holdings include upstream production as well as mid and downstream pipelines, storage, and delivery assets.

The offshore segment operates primarily in Labrador, Newfoundland, and the Asia-Pacific region specifically Indonesia and offshore China. This segment is engaged primarily in the exploration, development, and production of natural gas and crude oil fields.

The Upgrading & Refining segment has operations in the U.S. and Canada including 3 wholly-owned and 2 partially-owned refineries, midstream pipelines, and storage facilities. Its addition to the portfolio not only expanded revenue and earnings but helps reduce exposure to oil price volatility.

The Value Chain segment of the business has operations across all aspects of the value chain to help develop, transport, store, market and deliver natural gas, natural gas liquids and crude oil products in Canada and the US. The company’s network is not only vertically integrated but physically as well which is another factor that helps reduce exposure to oil market volatility. Among the many products offered are asphalt, natural gas, petcoke, ethanol, sulfur and transportation fuels. Petcoke, ironically, is a stable fuel derived from heavy oil that is used for electrical power generation.

The company is investing heavily in the future to include carbon storage. The company has committed to reducing its absolute GHG emission by 35% by 2035 and to achieving Net-0 carbon by 2050. The plan is to invest in technology to increase efficiency and electrify large portion of operations

CVE Stock Price History

CVE Stock News Headlines

Cenovus Energy Sees Unusually High Options Volume (NYSE:CVE)
Stocks in play: Cenovus Energy Inc.
See More Headlines
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Company Calendar

Last Earnings
5/01/2024
Ex-Dividend for 5/31 Dividend
5/16/2024
Dividend Payable
5/31/2024
Today
6/12/2024
Ex-Dividend for 6/28 Dividend
6/14/2024
Dividend Payable
6/28/2024
Next Earnings (Estimated)
7/25/2024
Fiscal Year End
12/31/2024

Industry, Sector and Symbol

Industry
Crude petroleum & natural gas
Sub-Industry
N/A
Employees
6,925
Year Founded
2009

Price Target and Rating

Average Stock Price Target
$29.00
High Stock Price Target
$30.00
Low Stock Price Target
$28.00
Potential Upside/Downside
+51.3%
Consensus Rating
Buy
Rating Score (0-4)
3.00
Research Coverage
4 Analysts

Profitability

Net Income
$3.04 billion
Pretax Margin
11.24%

Debt

Sales & Book Value

Annual Sales
$38.67 billion
Cash Flow
$3.43 per share
Book Value
$11.16 per share

Miscellaneous

Outstanding Shares
1,857,330,000
Free Float
N/A
Market Cap
$35.60 billion
Optionable
Optionable
Beta
2.06

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Key Executives

  • Mr. Alexander J. Pourbaix (Age 58)
    Executive Chair
    Comp: $1.26M
  • Mr. Jonathan M. McKenzie CA (Age 56)
    President, CEO & Non-Independent Director
    Comp: $1.43M
  • Mr. Kam S. Sandhar CA
    Executive VP of Strategy & CFO
  • Mr. Keith A. Chiasson
    Executive VP & COO
  • Mr. Joseph Drew Zieglgansberger
    Executive VP & Chief Commercial Officer
  • Dr. Norrie C. Ramsay
    Executive Vice President of Upstream – Thermal & Offshore
  • Mr. Jason Abbate
    Senior Vice President of Investor Relations
  • Mr. Gary Frederick Molnar
    Senior VP of Legal, General Counsel & Corporate Secretary
  • Mr. Jeffery G. Lawson LLB (Age 55)
    Senior VP of Corporate Development & Acting Chief Sustainability Officer
  • Ms. Susan M. Anderson
    Senior Vice-President of People Services

Should I Buy Cenovus Energy Stock? CVE Pros and Cons Explained

Pros

Here are some ways that investors could benefit from investing in Cenovus Energy Inc.:

  • Cenovus Energy Inc. has recently announced a successful acquisition that is expected to significantly increase its production capacity, potentially leading to higher revenue and profitability.
  • The company has been actively investing in renewable energy projects, diversifying its portfolio and potentially attracting environmentally conscious investors.
  • Recent improvements in oil prices have positively impacted Cenovus Energy Inc.'s financial performance, indicating a potential increase in earnings for investors.
  • Cenovus Energy Inc. has a strong track record of cost management, which could lead to improved margins and shareholder returns.
  • With a current stock price trading at a discount compared to its intrinsic value, Cenovus Energy Inc. presents a potential value investment opportunity for investors.

Cons

Investors should be bearish about investing in Cenovus Energy Inc. for these reasons:

  • The energy sector is subject to volatility due to fluctuating oil prices, which could impact Cenovus Energy Inc.'s financial performance and stock price.
  • Regulatory changes and environmental concerns may pose challenges for Cenovus Energy Inc.'s operations, potentially affecting its profitability.
  • High levels of debt on Cenovus Energy Inc.'s balance sheet could increase financial risk and limit flexibility in pursuing growth opportunities.
  • Market competition and geopolitical factors could impact Cenovus Energy Inc.'s market share and pricing power, affecting its long-term growth prospects.
  • Investors should closely monitor the company's ability to adapt to the evolving energy landscape and transition towards sustainable practices to mitigate long-term risks.
These pros and cons were generated based on recent news and financial data from MarketBeat in order to provide readers with the fastest and most accurate insights. They were last updated on Thursday, June 6, 2024. Please send any questions or comments about these Cenovus Energy pros and cons to contact@marketbeat.com.

CVE Stock Analysis - Frequently Asked Questions

Should I buy or sell Cenovus Energy stock right now?

4 Wall Street research analysts have issued "buy," "hold," and "sell" ratings for Cenovus Energy in the last year. There are currently 4 buy ratings for the stock. The consensus among Wall Street research analysts is that investors should "buy" CVE shares.
View CVE analyst ratings
or view top-rated stocks.

What is Cenovus Energy's stock price target for 2024?

4 brokers have issued 12 month price targets for Cenovus Energy's shares. Their CVE share price targets range from $28.00 to $30.00. On average, they expect the company's share price to reach $29.00 in the next year. This suggests a possible upside of 51.3% from the stock's current price.
View analysts price targets for CVE
or view top-rated stocks among Wall Street analysts.

How have CVE shares performed in 2024?

Cenovus Energy's stock was trading at $16.65 at the start of the year. Since then, CVE shares have increased by 15.1% and is now trading at $19.1650.
View the best growth stocks for 2024 here
.

Are investors shorting Cenovus Energy?

Cenovus Energy saw a increase in short interest in the month of May. As of May 15th, there was short interest totaling 36,430,000 shares, an increase of 13.3% from the April 30th total of 32,160,000 shares. Based on an average trading volume of 9,600,000 shares, the short-interest ratio is currently 3.8 days. Currently, 2.8% of the shares of the company are sold short.
View Cenovus Energy's Short Interest
.

When is Cenovus Energy's next earnings date?

The company is scheduled to release its next quarterly earnings announcement on Thursday, July 25th 2024.
View our CVE earnings forecast
.

How were Cenovus Energy's earnings last quarter?

Cenovus Energy Inc. (NYSE:CVE) issued its quarterly earnings results on Wednesday, May, 1st. The oil and gas company reported $0.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.35 by $0.11. The oil and gas company had revenue of $9.94 billion for the quarter, compared to analysts' expectations of $9.98 billion. Cenovus Energy had a trailing twelve-month return on equity of 16.53% and a net margin of 8.73%.

How often does Cenovus Energy pay dividends? What is the dividend yield for Cenovus Energy?

Cenovus Energy declared a monthly dividend on Thursday, May 2nd. Investors of record on Friday, May 17th will be given a dividend of $0.0981 per share on Friday, May 31st. This represents a $1.18 dividend on an annualized basis and a dividend yield of 6.14%. The ex-dividend date is Thursday, May 16th.
Read our dividend analysis for CVE
.

Is Cenovus Energy a good dividend stock?

Cenovus Energy (NYSE:CVE) pays an annual dividend of $0.39 per share and currently has a dividend yield of 2.02%. The company has been increasing its dividend for 3 consecutive year(s), indicating that it does not yet have a strong track record of dividend growth. The dividend payout ratio is 21.67%. This payout ratio is at a healthy, sustainable level, below 75%. Based on earnings estimates, CVE will have a dividend payout ratio of 17.03% next year. This indicates that the company will be able to sustain or increase its dividend.
Read our dividend analysis for CVE.

What is Alex Pourbaix's approval rating as Cenovus Energy's CEO?

72 employees have rated Cenovus Energy Chief Executive Officer Alex Pourbaix on Glassdoor.com. Alex Pourbaix has an approval rating of 80% among the company's employees.

What other stocks do shareholders of Cenovus Energy own?

Based on aggregate information from My MarketBeat watchlists, some companies that other Cenovus Energy investors own include General Electric (GE), Bank of America (BAC), Suncor Energy (SU), Intel (INTC), Micron Technology (MU), QUALCOMM (QCOM), AT&T (T), Enbridge (ENB), Cisco Systems (CSCO) and Enterprise Products Partners (EPD).

Who are Cenovus Energy's major shareholders?

Cenovus Energy's stock is owned by a number of institutional and retail investors. Top institutional shareholders include Capital World Investors (6.54%), Vanguard Group Inc. (2.60%), TD Asset Management Inc (2.06%), Boston Partners (2.02%), Capital International Investors (1.83%) and L1 Capital Pty Ltd (0.52%).

How do I buy shares of Cenovus Energy?

Shares of CVE stock can be purchased through any online brokerage account. Popular online brokerages with access to the U.S. stock market include Charles Schwab, E*TRADE, Fidelity, and Vanguard Brokerage Services.
Compare Top Brokerages Here.

This page (NYSE:CVE) was last updated on 6/13/2024 by MarketBeat.com Staff

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