Cenovus Energy (TSE:CVE) Issues Earnings Results

Cenovus Energy (TSE:CVE) (NYSE:CVE) issued its earnings results on Wednesday. The company reported C$0.84 EPS for the quarter, FiscalAI reports. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%.The business had revenue of C$12.36 billion during the quarter.

Cenovus Energy Stock Performance

Shares of CVE opened at C$39.49 on Thursday. Cenovus Energy has a 52 week low of C$16.02 and a 52 week high of C$42.01. The company has a debt-to-equity ratio of 53.80, a quick ratio of 1.00 and a current ratio of 1.57. The firm has a market capitalization of C$74.23 billion, a P/E ratio of 18.37, a P/E/G ratio of 0.09 and a beta of 0.23. The stock has a 50 day moving average price of C$34.63 and a two-hundred day moving average price of C$28.51.

Cenovus Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, March 13th. Cenovus Energy’s payout ratio is currently 36.28%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. TD boosted their price target on shares of Cenovus Energy from C$35.00 to C$45.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Scotiabank boosted their price target on shares of Cenovus Energy from C$30.00 to C$34.00 and gave the company an “outperform” rating in a research note on Friday, February 20th. ATB Cormark Capital Markets boosted their price target on shares of Cenovus Energy from C$29.00 to C$34.00 in a research note on Monday, February 23rd. Raymond James Financial lowered shares of Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating in a research note on Wednesday. Finally, Morgan Stanley decreased their price target on shares of Cenovus Energy from C$31.00 to C$29.00 in a research note on Friday, January 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Cenovus Energy presently has an average rating of “Buy” and a consensus price target of C$39.00.

Insider Activity

In other news, insider John F. Soini sold 10,275 shares of the company’s stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of C$35.13, for a total value of C$360,960.75. Following the completion of the sale, the insider owned 2,114 shares in the company, valued at C$74,264.82. This represents a 82.94% decrease in their position. 32.03% of the stock is currently owned by insiders.

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.