Cenovus Energy (TSE:CVE) Sets New 52-Week High – Time to Buy?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) shares hit a new 52-week high during trading on Monday . The stock traded as high as C$32.24 and last traded at C$31.40, with a volume of 7391627 shares traded. The stock had previously closed at C$30.39.

Wall Street Analyst Weigh In

CVE has been the topic of a number of recent analyst reports. Royal Bank Of Canada boosted their price target on shares of Cenovus Energy from C$31.00 to C$32.00 and gave the company an “outperform” rating in a report on Friday, February 20th. BMO Capital Markets cut their target price on shares of Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating on the stock in a research note on Friday, February 20th. Raymond James Financial increased their target price on Cenovus Energy from C$30.00 to C$33.00 and gave the company a “strong-buy” rating in a report on Friday, February 20th. National Bank Financial raised their price target on shares of Cenovus Energy from C$29.00 to C$34.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. Finally, Morgan Stanley lowered their price objective on shares of Cenovus Energy from C$31.00 to C$29.00 in a research report on Friday, January 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Cenovus Energy presently has an average rating of “Moderate Buy” and a consensus price target of C$32.00.

Cenovus Energy Price Performance

The company’s 50-day simple moving average is C$26.30 and its 200 day simple moving average is C$24.71. The company has a market capitalization of C$58.73 billion, a P/E ratio of 14.53, a P/E/G ratio of 0.09 and a beta of 0.65. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Thursday, February 19th. The company reported C$0.50 earnings per share (EPS) for the quarter. The business had revenue of C$10.88 billion during the quarter. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.67%. As a group, sell-side analysts expect that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 31st were given a $0.20 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.6%. Cenovus Energy’s payout ratio is currently 36.28%.

Insider Activity at Cenovus Energy

In related news, Director Michael John Crothers acquired 2,000 shares of the stock in a transaction dated Monday, December 15th. The shares were acquired at an average price of C$24.23 per share, with a total value of C$48,460.00. Following the acquisition, the director owned 8,000 shares in the company, valued at approximately C$193,840. The trade was a 33.33% increase in their position. Corporate 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.