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

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$30.29 and last traded at C$29.44, with a volume of 8918684 shares. The stock had previously closed at C$29.90.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CVE shares. The Goldman Sachs Group upgraded shares of Cenovus Energy to a “strong-buy” rating in a research report on Friday, January 2nd. Scotiabank boosted their price objective on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the stock a “hold” rating in a report on Tuesday, January 20th. Morgan Stanley dropped their target price on shares of Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd. National Bank Financial lifted their price target on shares of Cenovus Energy from C$29.00 to C$34.00 and gave the company an “outperform” rating in a research report on Tuesday, February 3rd. Finally, Royal Bank Of Canada lowered their price target on Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating on the stock in a report on Tuesday, January 13th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$29.41.

Cenovus Energy Trading Down 1.5%

The company has a market cap of C$55.54 billion, a price-to-earnings ratio of 17.02, a PEG ratio of 0.09 and a beta of 0.65. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The business’s 50-day simple moving average is C$25.20 and its 200-day simple moving average is C$24.14.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 31st were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Monday, December 15th. Cenovus Energy’s payout ratio is currently 43.93%.

Insider Buying and Selling

In related news, Director Michael John Crothers purchased 2,000 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was bought at an average cost of C$24.23 per share, with a total value of C$48,460.00. Following the completion of the acquisition, the director directly owned 8,000 shares in the company, valued at C$193,840. The trade was a 33.33% increase in their position. Company insiders own 32.03% of the company’s stock.

About Cenovus Energy

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.