Cenovus Energy (NYSE:CVE) Hits New 1-Year High After Analyst Upgrade

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) hit a new 52-week high on Tuesday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. The stock traded as high as $33.79 and last traded at $33.5850, with a volume of 360347 shares changing hands. The stock had previously closed at $32.37.

Several other analysts also recently weighed in on the company. Lake Street Capital set a $36.00 price objective on Cenovus Energy in a research report on Wednesday, May 13th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Cenovus Energy in a report on Thursday, August 27th. Desjardins raised shares of Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. The Goldman Sachs Group reiterated a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Weiss Ratings raised shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $39.00.

Hedge Funds Weigh In On Cenovus Energy

Several hedge funds and other institutional investors have recently modified their holdings of CVE. Jones Financial Companies Lllp grew its holdings in shares of Cenovus Energy by 574.8% during the 1st quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock worth $301,000 after acquiring an additional 18,405 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Cenovus Energy by 6.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock valued at $10,397,000 after purchasing an additional 44,125 shares in the last quarter. Prudential Financial Inc. bought a new stake in shares of Cenovus Energy during the second quarter valued at approximately $525,000. EverSource Wealth Advisors LLC grew its stake in Cenovus Energy by 57.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 1,800 shares during the period. Finally, Marshall Wace LLP purchased a new stake in Cenovus Energy in the second quarter worth $495,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

The business has a fifty day simple moving average of $29.31 and a 200-day simple moving average of $27.37. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. The firm has a market cap of $61.67 billion, a P/E ratio of 12.87 and a beta of 0.35.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting the consensus estimate of $1.11. The business had revenue of $14.59 billion during the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The company’s revenue for the quarter was up 47.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.45 earnings per share. On average, sell-side analysts predict that Cenovus Energy Inc will post 3.2 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.6%. Cenovus Energy’s dividend payout ratio (DPR) is currently 24.62%.

About Cenovus Energy

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.