Cenovus Energy (TSE:CVE) Reaches New 1-Year High – Should You Buy?

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) reached a new 52-week high during mid-day trading on Friday . The company traded as high as C$42.12 and last traded at C$42.00, with a volume of 1282059 shares. The stock had previously closed at C$41.35.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. National Bank Financial increased their target price on Cenovus Energy from C$30.00 to C$57.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 31st. Scotia lifted their price target on Cenovus Energy from C$38.00 to C$44.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 7th. TD Securities increased their price objective on Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a report on Friday, February 20th. Veritas raised Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, March 10th. Finally, TD boosted their target price on shares of Cenovus Energy from C$35.00 to C$45.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of C$39.64.

Cenovus Energy Stock Up 1.5%

The stock’s 50 day simple moving average is C$35.78 and its two-hundred day simple moving average is C$29.20. The firm has a market cap of C$78.25 billion, a P/E ratio of 16.72, a P/E/G ratio of 0.09 and a beta of 0.23. The company has a debt-to-equity ratio of 42.29, a current ratio of 1.57 and a quick ratio of 1.00.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings results on Wednesday, May 6th. The company reported C$0.84 EPS for the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%.The firm had revenue of C$12.36 billion for the quarter. As a group, research analysts forecast that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current year.

Cenovus Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, March 13th. Cenovus Energy’s payout ratio is 31.87%.

Insider Transactions at Cenovus Energy

In related news, insider John F. Soini sold 10,275 shares of the stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of C$35.13, for a total transaction of C$360,960.75. Following the sale, the insider directly owned 2,114 shares of the company’s stock, valued at approximately C$74,264.82. This represents a 82.94% decrease in their position. Also, insider Susan Mary Anderson-Olney sold 18,913 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of C$39.85, for a total transaction of C$753,683.05. Following the sale, the insider owned 33,275 shares of the company’s stock, valued at approximately C$1,326,008.75. This represents a 36.24% decrease in their ownership of the stock. Over the last three months, insiders have sold 126,260 shares of company stock valued at $4,915,163. 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.