Cenovus Energy Inc (NYSE:CVE) Declares Quarterly Dividend of C$0.22

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) announced a quarterly dividend on Wednesday, November 4th. Shareholders of record on Tuesday, December 15th will be paid a dividend of C$0.22 per share by the oil and gas company on Thursday, December 31st. This represents a $0.88 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Tuesday, December 15th.

Cenovus Energy has raised its dividend by an average of 0.6% per year over the last three years and has increased its dividend annually for the last 4 consecutive years. Cenovus Energy has a payout ratio of 60.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Cenovus Energy to earn $4.01 per share next year, which means the company should continue to be able to cover its $0.63 annual dividend with an expected future payout ratio of 15.7%.

Cenovus Energy Price Performance

CVE opened at $28.38 on Thursday. Cenovus Energy has a 1 year low of $15.63 and a 1 year high of $34.16. The company’s 50 day simple moving average is $32.09 and its 200 day simple moving average is $27.56. The stock has a market capitalization of $51.56 billion, a PE ratio of 10.92 and a beta of 0.38. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, November 4th. The oil and gas company reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.19. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%. The business had revenue of $13.44 billion during the quarter, compared to the consensus estimate of $11.85 billion. As a group, sell-side analysts expect that Cenovus Energy will post 4.12 EPS for the current year.

Cenovus Energy News Roundup

Here are the key news stories impacting Cenovus Energy this week:

• Positive Sentiment: Profit and production beat expectations: Cenovus reported quarterly EPS of US$1.31, above the US$1.12 consensus cited by MarketBeat, and said production reached a record 1.024 million barrels of oil equivalent per day. It generated about C$5.0 billion in adjusted funds flow and C$3.6 billion in free funds flow. Reuters: Cenovus posts higher third-quarter profit on record production
• Positive Sentiment: Quarterly dividend declared: Cenovus announced a C$0.22-per-share dividend, payable December 31 to shareholders of record December 15. Cenovus third-quarter results
• Neutral Sentiment: Management sees crude-price pressure as temporary: Cenovus said the Canadian crude discount had widened to its largest since 2018, but characterized the situation as temporary and said it would not change production plans. The discount could still weigh on realized prices if it persists. Cenovus comments on Canadian crude discount
• Negative Sentiment: Shares declined despite the earnings beat: Coverage reported a roughly 5.7%–5.8% drop following the results. The supplied articles do not identify a definitive cause; investors may be weighing crude-price uncertainty or taking profits after the report. Cenovus share move after Q3 results

About Cenovus Energy

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas. Its upstream operations include oil sands projects in northern Alberta, as well as conventional oil and natural gas assets in Canada.

The company also operates oil sands upgraders, refineries, and related infrastructure. Through its downstream business, Cenovus produces and markets refined petroleum products, including gasoline, diesel, jet fuel, asphalt, and other products.