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

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as C$42.12 and last traded at C$42.00, with a volume of 1282059 shares traded. The stock had previously closed at C$41.35.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CVE. ATB Cormark Capital Markets increased their price target on shares of Cenovus Energy from C$29.00 to C$34.00 in a report on Monday, February 23rd. Morgan Stanley lowered their price target on shares of Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd. National Bank Financial increased their price target on shares of Cenovus Energy from C$30.00 to C$57.00 and gave the stock an “outperform” rating in a report on Tuesday, March 31st. JPMorgan Chase & Co. increased their price target on shares of Cenovus Energy from C$25.00 to C$41.00 in a report on Tuesday, April 14th. Finally, Jefferies Financial Group increased their price target on shares of Cenovus Energy from C$30.00 to C$37.00 in a report on Monday, March 16th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of C$39.64.

Cenovus Energy Price Performance

The business’s 50 day moving average is C$35.78 and its two-hundred day moving average is C$29.20. The firm has a market capitalization of C$78.25 billion, a PE ratio of 16.72, a P/E/G ratio of 0.09 and a beta of 0.23. The company has a debt-to-equity ratio of 42.29, a current ratio of 1.57 and a quick ratio of 1.00.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its earnings results on Wednesday, May 6th. The company reported C$0.84 earnings per share for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. The business had revenue of C$12.36 billion for the quarter. As a group, research analysts anticipate that Cenovus Energy Inc. will post 2.2619279 EPS for the current year.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 31st were issued a $0.20 dividend. The ex-dividend date was Friday, March 13th. This represents a $0.80 annualized dividend and a dividend yield of 1.9%. Cenovus Energy’s dividend payout ratio (DPR) is currently 31.87%.

Insider Transactions at Cenovus Energy

In other news, insider Susan Mary Anderson-Olney sold 37,072 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of C$39.85, for a total value of C$1,477,319.20. Following the transaction, the insider owned 33,275 shares in the company, valued at approximately C$1,326,008.75. This trade represents a 52.70% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of C$38.72, for a total transaction of C$2,323,200.00. Following the completion of the transaction, the insider owned 1,212,836 shares in the company, valued at C$46,961,009.92. This represents a 4.71% decrease in their position. Over the last 90 days, insiders have sold 126,260 shares of company stock worth $4,915,163. 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.