Cenovus Energy (NYSE:CVE) Reaches New 1-Year High – Here’s What Happened

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $25.79 and last traded at $25.8540, with a volume of 1958072 shares. The stock had previously closed at $24.79.

Analyst Ratings Changes

CVE has been the subject of a number of research reports. Weiss Ratings restated a “hold (c)” rating on shares of Cenovus Energy in a research report on Tuesday, January 27th. Wall Street Zen lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Monday, February 23rd. TD Securities restated a “buy” rating on shares of Cenovus Energy in a report on Friday, February 20th. Zacks Research cut shares of Cenovus Energy from a “hold” rating to a “strong sell” rating in a report on Friday, February 20th. Finally, Royal Bank Of Canada boosted their price objective on shares of Cenovus Energy from $29.00 to $31.00 and gave the company an “outperform” rating in a research report on Wednesday, February 18th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $29.67.

Cenovus Energy Stock Up 1.8%

The business has a 50 day simple moving average of $21.66 and a 200 day simple moving average of $18.80. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04. The stock has a market cap of $48.71 billion, a PE ratio of 16.93 and a beta of 0.43.

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

Cenovus Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a $0.20 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.80 dividend on an annualized basis and a yield of 3.1%. Cenovus Energy’s dividend payout ratio is currently 38.56%.

Institutional Trading of Cenovus Energy

Institutional investors have recently added to or reduced their stakes in the business. Capital Research Global Investors raised its holdings in shares of Cenovus Energy by 291.3% during the 3rd quarter. Capital Research Global Investors now owns 106,582,971 shares of the oil and gas company’s stock valued at $1,809,758,000 after purchasing an additional 79,345,506 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Cenovus Energy by 440.8% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 15,414,179 shares of the oil and gas company’s stock worth $260,797,000 after purchasing an additional 12,564,179 shares in the last quarter. Canada Pension Plan Investment Board increased its position in Cenovus Energy by 322.7% during the second quarter. Canada Pension Plan Investment Board now owns 15,521,050 shares of the oil and gas company’s stock worth $211,338,000 after buying an additional 11,849,355 shares during the last quarter. FIL Ltd increased its position in Cenovus Energy by 40.0% during the fourth quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company’s stock worth $651,880,000 after buying an additional 11,019,212 shares during the last quarter. Finally, Mackenzie Financial Corp raised its holdings in Cenovus Energy by 46.7% during the third quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock valued at $520,196,000 after buying an additional 9,753,134 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

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.