Cenovus Energy Inc. (NYSE:CVE) Raises Dividend to $0.13 Per Share

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) declared a quarterly dividend on Thursday, October 31st, Zacks reports. Stockholders of record on Friday, December 13th will be given a dividend of 0.133 per share by the oil and gas company on Tuesday, December 31st. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13.

Cenovus Energy has increased its dividend payment by an average of 103.3% per year over the last three years. Cenovus Energy has a payout ratio of 32.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Cenovus Energy to earn $1.67 per share next year, which means the company should continue to be able to cover its $0.53 annual dividend with an expected future payout ratio of 31.7%.

Cenovus Energy Trading Up 0.9 %

NYSE CVE traded up $0.15 during trading hours on Friday, reaching $16.22. The company’s stock had a trading volume of 792,667 shares, compared to its average volume of 8,860,808. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.00. Cenovus Energy has a 52 week low of $14.69 and a 52 week high of $21.90. The stock has a market cap of $29.67 billion, a P/E ratio of 8.65 and a beta of 2.04. The firm has a fifty day simple moving average of $17.32 and a 200-day simple moving average of $18.93.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. The business had revenue of $10.88 billion for the quarter, compared to the consensus estimate of $9.78 billion. Equities analysts forecast that Cenovus Energy will post 1.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CVE shares. StockNews.com upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Monday. Scotiabank reduced their price target on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. Finally, BMO Capital Markets dropped their price objective on shares of Cenovus Energy from $33.00 to $31.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Cenovus Energy currently has an average rating of “Moderate Buy” and an average target price of $30.75.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.