Cenovus Energy Inc (CVE) to Issue Quarterly Dividend of C$0.22 on June 30th

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) announced a quarterly dividend on Wednesday, May 6th. Investors of record on Monday, June 15th will be paid a dividend of 0.22 per share by the oil and gas company on Tuesday, June 30th. This represents a c) annualized dividend and a yield of 3.1%. The ex-dividend date is Monday, June 15th. This is a 10.0% increase from Cenovus Energy’s previous quarterly dividend of $0.20.

Cenovus Energy has increased its dividend by an average of 0.6%per year over the last three years and has raised its dividend annually for the last 4 consecutive years. Cenovus Energy has a dividend payout ratio of 60.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Cenovus Energy to earn $2.75 per share next year, which means the company should continue to be able to cover its $0.63 annual dividend with an expected future payout ratio of 22.9%.

Cenovus Energy Stock Performance

CVE opened at $28.24 on Friday. The firm has a market cap of $52.79 billion, a P/E ratio of 15.51 and a beta of 0.34. Cenovus Energy has a 1-year low of $13.47 and a 1-year high of $32.07. The company has a 50 day simple moving average of $28.07 and a two-hundred day simple moving average of $22.89. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. The business had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The company’s revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.47 earnings per share. Equities analysts forecast that Cenovus Energy will post 3.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cenovus Energy

Several hedge funds have recently modified their holdings of the stock. Militia Capital Management LLC purchased a new position in shares of Cenovus Energy in the first quarter worth $1,740,000. Parallel Advisors LLC lifted its holdings in shares of Cenovus Energy by 19.8% in the first quarter. Parallel Advisors LLC now owns 20,376 shares of the oil and gas company’s stock worth $541,000 after buying an additional 3,370 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Cenovus Energy by 111.2% in the first quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock worth $604,107,000 after buying an additional 11,990,405 shares in the last quarter. Guardian Partners Inc. lifted its holdings in shares of Cenovus Energy by 9.5% in the first quarter. Guardian Partners Inc. now owns 142,162 shares of the oil and gas company’s stock worth $3,760,000 after buying an additional 12,358 shares in the last quarter. Finally, Amundi lifted its holdings in shares of Cenovus Energy by 1.4% in the first quarter. Amundi now owns 5,366,196 shares of the oil and gas company’s stock worth $142,365,000 after buying an additional 71,891 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

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.