Cenovus Energy (TSE:CVE) Reaches New 52-Week High – Should You Buy?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as C$28.02 and last traded at C$27.90, with a volume of 4193366 shares trading hands. The stock had previously closed at C$26.99.

Analyst Upgrades and Downgrades

CVE has been the subject of a number of recent research reports. The Goldman Sachs Group raised Cenovus Energy to a “strong-buy” rating in a research note on Friday, January 2nd. Royal Bank Of Canada decreased their price target on Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 13th. National Bankshares increased their price objective on Cenovus Energy from C$29.00 to C$34.00 and gave the company an “outperform” rating in a research note on Tuesday. Morgan Stanley cut their target price on shares of Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd. Finally, Scotiabank upped their price target on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the company a “hold” rating in a report on Tuesday, January 20th. Three research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of C$29.41.

Cenovus Energy Trading Up 4.1%

The firm has a market cap of C$53.03 billion, a PE ratio of 16.25, a PEG ratio of 0.09 and a beta of 0.65. The firm has a fifty day simple moving average of C$24.54 and a two-hundred day simple moving average of C$23.58. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its earnings results on Friday, October 31st. The company reported C$0.72 earnings per share (EPS) for the quarter. Cenovus Energy had a return on equity of 12.67% and a net margin of 6.72%.The firm had revenue of C$13.20 billion for the quarter. Equities analysts forecast that Cenovus Energy Inc. will post 2.2619279 EPS for the current year.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 31st were issued a $0.20 dividend. The ex-dividend date was Monday, December 15th. This represents a $0.80 annualized dividend and a yield of 2.8%. Cenovus Energy’s dividend payout ratio is 43.93%.

Insider Buying and Selling at Cenovus Energy

In related news, Director Michael John Crothers purchased 2,000 shares of Cenovus Energy stock in a transaction that occurred on Monday, December 15th. The shares were bought at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the completion of the transaction, the director directly owned 8,000 shares of the company’s stock, valued at C$193,840. This represents a 33.33% increase in their ownership of the stock. 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.