Cenovus Energy (TSE:CVE) Hits New 1-Year Low – Here’s Why

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) reached a new 52-week low on Monday . The company traded as low as C$20.16 and last traded at C$20.50, with a volume of 3157287 shares traded. The stock had previously closed at C$21.02.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CVE. Raymond James lifted their target price on Cenovus Energy from C$32.00 to C$33.00 in a research note on Friday, December 13th. TD Securities reduced their price objective on shares of Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. BMO Capital Markets dropped their target price on shares of Cenovus Energy from C$28.00 to C$25.00 in a research report on Friday, December 13th. Jefferies Financial Group reduced their price target on shares of Cenovus Energy from C$32.00 to C$30.00 in a report on Thursday, January 30th. Finally, Royal Bank of Canada dropped their price objective on shares of Cenovus Energy from C$28.00 to C$26.00 in a report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of C$30.33.

Cenovus Energy Trading Up 0.6 %

The stock has a market cap of C$40.14 billion, a P/E ratio of 8.60, a P/E/G ratio of 0.09 and a beta of 2.63. The company has a debt-to-equity ratio of 33.34, a quick ratio of 1.00 and a current ratio of 1.66. The stock’s fifty day moving average is C$21.57 and its 200 day moving average is C$23.25.

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 31st were issued a $0.18 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.72 annualized dividend and a dividend yield of 3.34%. Cenovus Energy’s dividend payout ratio (DPR) is presently 28.69%.

Insider Buying and Selling

In related news, insider Cenovus Energy Inc. purchased 44,700 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were purchased at an average cost of C$22.07 per share, for a total transaction of C$986,658.63. Also, Senior Officer Jeffery George Lawson acquired 5,000 shares of the firm’s stock in a transaction that occurred on Friday, December 27th. The shares were bought at an average price of C$21.17 per share, with a total value of C$105,832.00. Insiders have bought 54,800 shares of company stock valued at $1,203,070 in the last ninety days. 32.03% of the stock is owned by company 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.