Cenovus Energy (NYSE:CVE) Hits New 12-Month High – Here’s What Happened

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $24.06 and last traded at $23.8710, with a volume of 2296590 shares. The stock had previously closed at $23.70.

Analyst Ratings Changes

A number of research firms have issued reports on CVE. Weiss Ratings reissued a “hold (c)” rating on shares of Cenovus Energy in a research report on Tuesday, January 27th. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research note on Thursday, November 20th. Wall Street Zen downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, February 23rd. TD Securities reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Friday, February 20th. Finally, JPMorgan Chase & Co. restated a “neutral” rating on shares of Cenovus Energy in a research report on Tuesday, January 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $27.33.

Cenovus Energy Stock Down 0.0%

The company has a 50 day moving average price of $20.15 and a 200-day moving average price of $18.26. The stock has a market capitalization of $44.56 billion, a PE ratio of 15.46 and a beta of 0.43. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.28 by $0.08. The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $10.89 billion. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. During the same period in the prior year, the business earned $0.07 EPS. As a group, analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, March 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.4%. Cenovus Energy’s dividend payout ratio is 37.91%.

Institutional Investors Weigh In On Cenovus Energy

Several hedge funds have recently made changes to their positions in the company. Financial Management Professionals Inc. purchased a new stake in shares of Cenovus Energy in the fourth quarter worth $25,000. Transamerica Financial Advisors LLC raised its holdings in Cenovus Energy by 1,302.7% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 1,433 shares during the last quarter. NBC Securities Inc. lifted its position in Cenovus Energy by 961.5% in the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 1,500 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new stake in Cenovus Energy during the 2nd quarter valued at $27,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of Cenovus Energy in the 4th quarter worth $38,000. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Company Profile

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.