Cenovus Energy (TSE:CVE) Sets New 1-Year High – Should You Buy?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s share price reached a new 52-week high on Thursday . The stock traded as high as C$32.74 and last traded at C$32.36, with a volume of 6195979 shares changing hands. The stock had previously closed at C$32.18.

Wall Street Analyst Weigh In

Several research firms have recently commented on CVE. The Goldman Sachs Group upgraded Cenovus Energy to a “strong-buy” rating in a research report on Friday, January 2nd. Raymond James Financial raised their target price on Cenovus Energy from C$30.00 to C$33.00 and gave the company a “strong-buy” rating in a report on Friday, February 20th. Desjardins boosted their price target on shares of Cenovus Energy from C$33.00 to C$36.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. BMO Capital Markets lowered their price objective on shares of Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating for the company in a research note on Friday, February 20th. Finally, Scotiabank lifted their price objective on shares of Cenovus Energy from C$30.00 to C$34.00 and gave the company an “outperform” rating in a report on Friday, February 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Cenovus Energy has an average rating of “Buy” and a consensus price target of C$32.00.

Cenovus Energy Stock Down 1.1%

The firm’s fifty day simple moving average is C$27.94 and its 200 day simple moving average is C$25.36. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 53.80. The company has a market cap of C$59.85 billion, a price-to-earnings ratio of 14.81, a PEG ratio of 0.09 and a beta of 0.63.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Thursday, February 19th. The company reported C$0.50 earnings per share for the quarter. The business had revenue of C$10.88 billion for the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. Sell-side analysts predict that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Friday, March 13th. Cenovus Energy’s payout ratio is 36.28%.

Insider Activity

In other Cenovus Energy news, Director Michael John Crothers acquired 2,000 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were acquired at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the acquisition, the director owned 8,000 shares in the company, valued at C$193,840. The trade was a 33.33% increase in their position. Corporate insiders own 32.03% of the company’s stock.

Cenovus Energy Company Profile

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.