Cenovus Energy (TSE:CVE) Sets New 12-Month High After Analyst Upgrade

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) hit a new 52-week high during trading on Tuesday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a C$58.00 price target on the stock, up from their previous price target of C$51.00. Cenovus Energy traded as high as C$46.60 and last traded at C$45.59, with a volume of 2603583 shares. The stock had previously closed at C$44.83.

CVE has been the subject of a number of other reports. TD lifted their price objective on shares of Cenovus Energy from C$46.00 to C$49.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Gerdes Energy Research raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and increased their price target for the company from C$42.00 to C$46.00 in a report on Monday, June 29th. National Bank Financial set a C$60.00 price objective on shares of Cenovus Energy and gave the stock an “outperform” rating in a research report on Tuesday, August 25th. Royal Bank Of Canada upped their target price on Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Finally, Canadian Imperial Bank of Commerce increased their target price on Cenovus Energy from C$48.00 to C$52.00 in a research note on Thursday, August 27th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Cenovus Energy presently has an average rating of “Buy” and a consensus target price of C$44.88.

Insider Buying and Selling

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

Cenovus Energy Trading Up 0.0%

The business has a 50-day moving average price of C$41.46 and a two-hundred day moving average price of C$38.17. The stock has a market capitalization of C$85.26 billion, a P/E ratio of 12.84, a P/E/G ratio of 0.09 and a beta of 0.19. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%.The business had revenue of C$17.43 billion during the quarter. On average, analysts expect that Cenovus Energy Inc. will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio is 22.78%.

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.