Cenovus Energy (TSE:CVE) Announces Earnings Results

Cenovus Energy (TSE:CVE) (NYSE:CVE) released its quarterly earnings results on Wednesday. The company reported C$0.84 earnings per share (EPS) for the quarter, FiscalAI reports. The company had revenue of C$12.36 billion for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%.

Cenovus Energy Trading Down 1.6%

TSE CVE opened at C$38.84 on Friday. The company’s 50-day moving average price is C$34.79 and its 200-day moving average price is C$28.62. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29. The stock has a market cap of C$73.00 billion, a PE ratio of 18.07, a PEG ratio of 0.09 and a beta of 0.23. Cenovus Energy has a 12 month low of C$16.61 and a 12 month high of C$42.01.

Cenovus Energy Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.1%. Cenovus Energy’s dividend payout ratio is presently 36.28%.

Insider Activity at Cenovus Energy

In other news, insider John F. Soini sold 10,275 shares of the company’s stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of C$35.13, for a total value of C$360,960.75. Following the transaction, the insider directly owned 2,114 shares in the company, valued at approximately C$74,264.82. This represents a 82.94% decrease in their ownership of the stock. Insiders own 32.03% of the company’s stock.

Wall Street Analyst Weigh In

CVE has been the topic of a number of analyst reports. Morgan Stanley cut their price objective on shares of Cenovus Energy from C$31.00 to C$29.00 in a research report on Friday, January 23rd. Scotiabank boosted 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 research report on Friday, February 20th. Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and boosted their price objective for the company from C$41.00 to C$42.00 in a research report on Wednesday. BMO Capital Markets cut their price objective on shares of Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating on the stock in a research report on Friday, February 20th. Finally, ATB Cormark Capital Markets boosted their price objective on shares of Cenovus Energy from C$29.00 to C$34.00 in a research report on Monday, February 23rd. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of C$39.64.

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.