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

Cenovus Energy Inc. (TSE:CVE) (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. The stock had previously closed at C$45.89.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CVE. TD raised their target price on shares of Cenovus Energy from C$46.00 to C$49.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Scotiabank upped their price target on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a report on Thursday, July 30th. Raymond James Financial lifted their price objective on Cenovus Energy from C$41.00 to C$46.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from C$42.00 to C$46.00 in a research report on Monday, June 29th. Finally, Desjardins set a C$50.00 target price on Cenovus Energy and gave the company a “buy” rating in a research note on Friday, July 17th. Two equities research 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. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of C$44.88.

Cenovus Energy Stock Up 1.7%

The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63. The company 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 firm’s 50-day simple moving average is C$41.89 and its 200-day simple moving average is C$38.39.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. The company had revenue of C$17.43 billion for the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. Sell-side analysts forecast that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current year.

Cenovus Energy Dividend Announcement

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

Insider Buying and Selling at Cenovus Energy

In other news, insider Jonathan Michael Mckenzie sold 104,974 shares of Cenovus Energy stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the sale, the insider owned 843,824 shares of the company’s stock, valued at approximately C$36,697,905.76. This trade represents a 11.06% decrease in their position. Also, insider John F. Soini sold 26,223 shares of the business’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 value of C$1,177,937.16. Following 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 ownership of the stock. Insiders sold a total of 601,524 shares of company stock valued at $25,546,211 in the last quarter. Corporate insiders own 32.03% of the company’s stock.

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.