Cenovus Energy (TSE:CVE) Releases Quarterly Earnings Results

Cenovus Energy (TSE:CVE) (NYSE:CVE) announced its earnings results on Wednesday. The company reported C$1.83 earnings per share (EPS) for the quarter, FiscalAI reports. Cenovus Energy had a net margin of 15.42% and a return on equity of 26.15%. The firm had revenue of C$15.98 billion for the quarter.

Cenovus Energy Trading Up 0.8%

Shares of TSE CVE traded up C$0.32 during midday trading on Friday, hitting C$39.08. The stock had a trading volume of 1,011,945 shares, compared to its average volume of 7,162,958. The company has a quick ratio of 1.00, a current ratio of 1.64 and a debt-to-equity ratio of 8.52. Cenovus Energy has a 1-year low of C$21.62 and a 1-year high of C$47.46. The company has a market capitalization of C$72.07 billion, a price-to-earnings ratio of 10.86, a PEG ratio of 0.09 and a beta of 0.16. The company has a fifty day moving average price of C$44.95 and a 200 day moving average price of C$38.39.

Cenovus Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Tuesday, September 15th. Cenovus Energy’s payout ratio is currently 22.78%.

Wall Street Analyst Weigh In

CVE has been the subject of several analyst reports. ATB Cormark Capital Markets boosted their price target on Cenovus Energy from C$49.00 to C$55.00 and gave the company an “outperform” rating in a report on Thursday, October 22nd. TD increased their price target on Cenovus Energy from C$55.00 to C$56.00 and gave the stock a “buy” rating in a research note on Thursday. Desjardins raised their price objective on Cenovus Energy from C$52.00 to C$53.00 and gave the stock a “buy” rating in a report on Tuesday, October 20th. Raymond James Financial lifted their price objective on Cenovus Energy from C$51.00 to C$53.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Scotiabank lifted their price objective on Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Cenovus Energy has an average rating of “Buy” and an average target price of C$47.12.

Insider Buying and Selling

In related news, Director Alex Pourbaix sold 30,186 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of C$42.17, for a total transaction of C$1,272,943.62. Following the completion of the sale, the director owned 1,455,996 shares of the company’s stock, valued at approximately C$61,399,351.32. This represents a 2.03% decrease in their position. Also, insider John F. Soini sold 26,223 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the completion of the transaction, the insider owned 2,114 shares in the company, valued at C$94,960.88. The trade was a 92.54% decrease in their position. In the last quarter, insiders sold 601,524 shares of company stock valued at $25,546,211. 32.03% of the stock is currently 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.