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

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s share price hit a new 52-week high during 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 trading hands. The stock had previously closed at C$29.90.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CVE shares. Scotiabank increased their target price on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the company a “hold” rating in a research report on Tuesday, January 20th. Morgan Stanley dropped their price objective on Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd. National Bank Financial boosted their target price on Cenovus Energy from C$29.00 to C$34.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. JPMorgan Chase & Co. cut Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 target price for the company. in a research report on Tuesday, January 20th. Finally, The Goldman Sachs Group raised Cenovus Energy to a “strong-buy” rating in a research report on Friday, January 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Cenovus Energy presently has an average rating of “Moderate Buy” and an average price target of C$29.41.

Cenovus Energy Stock Down 1.5%

The company has a market capitalization of C$55.54 billion, a PE ratio of 17.02, a P/E/G ratio of 0.09 and a beta of 0.65. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The firm has a 50 day simple moving average of C$25.20 and a two-hundred day simple moving average of C$24.14.

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.80 annualized dividend and a dividend yield of 2.7%. Cenovus Energy’s payout ratio is presently 43.93%.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, Director Michael John Crothers acquired 2,000 shares of the stock in a transaction on Monday, December 15th. The shares were bought at an average price of C$24.23 per share, with a total value of C$48,460.00. Following the acquisition, the director owned 8,000 shares of the company’s stock, valued at C$193,840. This trade represents a 33.33% increase in their ownership of the stock. 32.03% of the stock is owned by corporate insiders.

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.