Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) declared a quarterly dividend on Thursday, November 1st, Wall Street Journal reports. Stockholders of record on Friday, December 14th will be paid a dividend of 0.0382 per share by the oil and gas company on Monday, December 31st. This represents a $0.15 annualized dividend and a dividend yield of 2.00%. The ex-dividend date of this dividend is Thursday, December 13th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.04.
Cenovus Energy has decreased its dividend by an average of 46.3% annually over the last three years. Cenovus Energy has a dividend payout ratio of -55.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Cenovus Energy to earn $0.67 per share next year, which means the company should continue to be able to cover its $0.20 annual dividend with an expected future payout ratio of 29.9%.
Shares of Cenovus Energy stock opened at $7.64 on Friday. Cenovus Energy has a 52 week low of $6.89 and a 52 week high of $11.47. The firm has a market capitalization of $9.40 billion, a PE ratio of -382.00 and a beta of 0.74. The company has a current ratio of 1.26, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Wednesday, October 31st. The oil and gas company reported ($0.15) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.32). Cenovus Energy had a negative net margin of 3.15% and a negative return on equity of 9.58%. The business had revenue of $4.70 billion during the quarter, compared to analyst estimates of $4.44 billion. Equities analysts forecast that Cenovus Energy will post -0.67 earnings per share for the current fiscal year.
Several equities analysts have recently commented on the company. JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, September 10th. ValuEngine raised Cenovus Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. Canaccord Genuity lowered Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Thursday, August 16th. Tudor Pickering lowered Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, August 14th. Finally, Raymond James reaffirmed a “hold” rating on shares of Cenovus Energy in a research note on Thursday, November 1st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. Cenovus Energy presently has a consensus rating of “Hold” and a consensus price target of $12.65.
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About Cenovus Energy
Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.
Further Reading: Return on Equity (ROE)
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