Cenovus Energy Inc. (NYSE:CVE – Get Rating) (TSE:CVE) declared a quarterly dividend on Thursday, February 16th, Zacks reports. Stockholders of record on Wednesday, March 15th will be paid a dividend of 0.079 per share by the oil and gas company on Friday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Tuesday, March 14th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.08.
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Cenovus Energy has raised its dividend payment by an average of 31.2% annually over the last three years. Cenovus Energy has a payout ratio of 12.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Cenovus Energy to earn $2.10 per share next year, which means the company should continue to be able to cover its $0.31 annual dividend with an expected future payout ratio of 14.8%.
Cenovus Energy Price Performance
Shares of Cenovus Energy stock opened at $18.46 on Friday. The company has a current ratio of 1.55, a quick ratio of 1.00 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $35.24 billion, a PE ratio of 9.18 and a beta of 2.25. The business’s 50-day moving average price is $18.99 and its 200-day moving average price is $18.78. Cenovus Energy has a 12 month low of $14.18 and a 12 month high of $24.91.
Institutional Investors Weigh In On Cenovus Energy
Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Cenovus Energy by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 41,530,265 shares of the oil and gas company’s stock worth $638,320,000 after purchasing an additional 869,663 shares in the last quarter. Capital World Investors raised its position in shares of Cenovus Energy by 30.0% during the 1st quarter. Capital World Investors now owns 28,481,746 shares of the oil and gas company’s stock valued at $474,791,000 after buying an additional 6,570,038 shares during the period. Wellington Management Group LLP raised its position in shares of Cenovus Energy by 68.8% during the 1st quarter. Wellington Management Group LLP now owns 19,871,360 shares of the oil and gas company’s stock valued at $331,500,000 after buying an additional 8,098,474 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Cenovus Energy by 17.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,364,773 shares of the oil and gas company’s stock valued at $89,484,000 after buying an additional 785,961 shares during the period. Finally, BlackRock Inc. raised its position in shares of Cenovus Energy by 4.5% during the 1st quarter. BlackRock Inc. now owns 4,549,378 shares of the oil and gas company’s stock valued at $75,886,000 after buying an additional 193,962 shares during the period. 49.27% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research firms have weighed in on CVE. Credit Suisse Group dropped their price objective on Cenovus Energy from C$37.00 to C$35.00 in a report on Monday, November 21st. CIBC cut their price objective on Cenovus Energy from C$32.00 to C$31.00 in a report on Tuesday, January 17th. Royal Bank of Canada boosted their price objective on Cenovus Energy from C$31.00 to C$32.00 in a research report on Thursday, November 3rd. The Goldman Sachs Group downgraded Cenovus Energy from a “buy” rating to a “neutral” rating and set a $23.00 target price on the stock. in a research report on Monday, November 21st. Finally, National Bank Financial upped their target price on Cenovus Energy from C$36.00 to C$39.00 in a research note on Wednesday, January 11th.
About Cenovus Energy
Cenovus Energy, Inc engages in provision of gas and oil. Its activities include development, production, and marketing of crude oil, natural gas liquids (NGLS), and natural gas in Canada. The firm operates through four segments: Oil Sands, Conventional, Refining & Marketing, and Corporate & Eliminations.
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