Cenovus Energy Inc., together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada, the United States, and the Asia Pacific region. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, U.S. Manufacturing, and Retail segments. The Oil Sands segment develops and produces bitumen and heavy oil in northern Alberta and Saskatchewan. This segments Foster Creek, Christina Lake, Sunrise, and Tucker oil sands projects, as well as Lloydminster thermal and conventional heavy oil assets The Conventional segment holds assets primarily located in Elmworth-Wapiti, Kaybob-Edson, Clearwater, and Rainbow Lake operating in Alberta and British Columbia, as well as interests in various natural gas processing facilities. The offshore segment engages in the exploration and development activities. The Canadian Manufacturing segment includes the owned and operated Lloydminster upgrading and asphalt refining complex, which upgrades heavy oil and bitumen into synthetic crude oil, diesel fuel, asphalt, and other ancillary products, as well as owns and operates the Bruderheim crude-by-rail terminal and two ethanol plants. The U.S. Manufacturing segment comprises the refining of crude oil to produce diesel, gasoline, jet fuel, asphalt, and other products. The Retail segment consists of marketing of its own and third-party refined petroleum products through retail, commercial, and bulk petroleum outlets, as well as wholesale channels. Cenovus Energy Inc. was founded in 2009 and is headquartered in Calgary, Canada.
Cenovus Energy Stock Up 4.1 %
NYSE:CVE opened at $18.66 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.73 and a quick ratio of 1.14. Cenovus Energy has a 1-year low of $7.20 and a 1-year high of $24.91. The company has a 50-day moving average of $18.41 and a 200 day moving average of $18.06. The firm has a market cap of $36.38 billion, a PE ratio of 11.66 and a beta of 2.33.
Cenovus Energy Cuts Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th will be paid a dividend of $0.0814 per share. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $0.33 dividend on an annualized basis and a dividend yield of 1.74%. Cenovus Energy's dividend payout ratio is presently 20.63%.
Analysts Set New Price Targets
A number of brokerages recently commented on CVE. The Goldman Sachs Group increased their price target on shares of Cenovus Energy from $21.00 to $24.00 and gave the company a "buy" rating in a report on Friday, May 20th. StockNews.com upgraded Cenovus Energy from a "hold" rating to a "buy" rating in a research report on Friday, April 29th. Cormark cut their price objective on shares of Cenovus Energy from $32.00 to $26.00 in a research report on Monday, May 16th. National Bank Financial reduced their target price on shares of Cenovus Energy from C$41.00 to C$38.00 in a research note on Monday, July 18th. Finally, Scotiabank lifted their price target on shares of Cenovus Energy from C$25.00 to C$34.00 in a research note on Wednesday, June 8th. Twelve investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $26.13.