Cenovus Energy (TSE:CVE) Posts Quarterly Earnings Results

Cenovus Energy (TSE:CVE) (NYSE:CVE) posted its quarterly earnings results on Wednesday. The company reported C$1.53 earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of C$17.43 billion for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%.

Cenovus Energy Trading Up 4.5%

CVE traded up C$1.75 during trading on Wednesday, reaching C$40.81. 1,835,390 shares of the company’s stock were exchanged, compared to its average volume of 7,882,669. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29. Cenovus Energy has a one year low of C$19.97 and a one year high of C$44.13. The firm has a fifty day moving average price of C$38.30 and a two-hundred day moving average price of C$34.58. The stock has a market capitalization of C$76.10 billion, a PE ratio of 16.26, a price-to-earnings-growth ratio of 0.09 and a beta of 0.17.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s payout ratio is presently 31.87%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CVE. Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a research report on Friday, June 26th. National Bank Financial increased their target price on shares of Cenovus Energy from C$30.00 to C$57.00 and gave the stock an “outperform” rating in a report on Tuesday, March 31st. TD raised their price target on shares of Cenovus Energy from C$45.00 to C$46.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Scotia lifted their price target on shares of Cenovus Energy from C$38.00 to C$44.00 and gave the company a “sector outperform” rating in a report on Thursday, May 7th. Finally, Royal Bank Of Canada upped their price objective on shares of Cenovus Energy from C$45.00 to C$47.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 19th. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued 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$41.47.

Insider Buying and Selling at Cenovus Energy

In other news, insider Jonathan Michael Mckenzie sold 69,387 shares of Cenovus Energy stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of C$39.51, for a total transaction of C$2,741,480.37. Following the transaction, the insider owned 1,143,824 shares in the company, valued at approximately C$45,192,486.24. The trade was a 5.72% decrease in their ownership of the stock. Also, insider Susan Mary Anderson-Olney sold 37,072 shares of the business’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of C$39.85, for a total transaction of C$1,477,319.20. Following the completion of the sale, the insider directly owned 33,275 shares in the company, valued at approximately C$1,326,008.75. This represents a 52.70% decrease in their position. Insiders have sold 225,897 shares of company stock valued at $8,990,614 in the last ninety days. 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.