Cenovus Energy (TSE:CVE) Reaches New 12-Month High – Still a Buy?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as C$32.78 and last traded at C$32.69, with a volume of 694525 shares. The stock had previously closed at C$32.29.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CVE. BMO Capital Markets decreased their target price on shares of Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating for the company in a research note on Friday, February 20th. Veritas raised Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, March 10th. Jefferies Financial Group upped their price target on Cenovus Energy from C$30.00 to C$37.00 in a research note on Monday. Desjardins raised their price objective on Cenovus Energy from C$33.00 to C$36.00 and gave the company a “buy” rating in a research report on Friday, February 20th. Finally, The Goldman Sachs Group upgraded Cenovus Energy to a “strong-buy” rating in a research note on Friday, January 2nd. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Cenovus Energy currently has an average rating of “Buy” and an average target price of C$32.67.

Cenovus Energy Stock Performance

The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 53.80. The firm has a market capitalization of C$64.36 billion, a P/E ratio of 15.93, a price-to-earnings-growth ratio of 0.09 and a beta of 0.63. The business’s 50 day simple moving average is C$28.76 and its two-hundred day simple moving average is C$25.63.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its earnings results on Thursday, February 19th. The company reported C$0.50 earnings per share (EPS) for the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. The firm had revenue of C$10.88 billion for the quarter. Sell-side analysts anticipate that Cenovus Energy Inc. will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 31st will be given a $0.20 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.80 annualized dividend and a yield of 2.3%. Cenovus Energy’s dividend payout ratio is 36.28%.

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.