Cenovus Energy Inc. (NYSE:CVE) Plans Quarterly Dividend of $0.13

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) declared a quarterly dividend on Wednesday, May 1st, Zacks reports. Stockholders of record on Friday, June 14th will be given a dividend of 0.133 per share by the oil and gas company on Friday, June 28th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date is Friday, June 14th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.10.

Cenovus Energy has raised its dividend payment by an average of 103.3% annually over the last three years and has raised its dividend annually for the last 2 consecutive years. Cenovus Energy has a dividend payout ratio of 17.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Cenovus Energy to earn $2.27 per share next year, which means the company should continue to be able to cover its $0.41 annual dividend with an expected future payout ratio of 18.1%.

Cenovus Energy Price Performance

Shares of NYSE CVE traded up $0.34 during trading on Thursday, reaching $20.68. The company had a trading volume of 1,617,130 shares, compared to its average volume of 11,173,780. Cenovus Energy has a twelve month low of $14.69 and a twelve month high of $21.90. The stock has a market capitalization of $38.57 billion, a PE ratio of 13.16 and a beta of 2.10. The stock has a 50-day moving average price of $19.63 and a two-hundred day moving average price of $18.05. The company has a current ratio of 1.56, a quick ratio of 0.91 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, February 15th. The oil and gas company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.25 by $0.04. The firm had revenue of $9.65 billion during the quarter, compared to analyst estimates of $9.73 billion. Cenovus Energy had a return on equity of 14.85% and a net margin of 7.88%. During the same period in the prior year, the firm posted $0.29 earnings per share. As a group, sell-side analysts predict that Cenovus Energy will post 1.88 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on the company. StockNews.com upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Thursday, April 11th. UBS Group raised Cenovus Energy from a “neutral” rating to a “buy” rating in a research report on Friday, February 23rd. Morgan Stanley boosted their price target on Cenovus Energy from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $28.00 price target on shares of Cenovus Energy in a research report on Friday, January 26th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $26.67.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.