Cenovus Energy (TSE:CVE) Reaches New 52-Week Low – Time to Sell?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s share price hit a new 52-week low during mid-day trading on Monday . The stock 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.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CVE. TD Securities reduced their target price on shares of Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating for the company in a report on Friday, December 13th. Raymond James upped their price objective on Cenovus Energy from C$32.00 to C$33.00 in a research note on Friday, December 13th. Jefferies Financial Group lowered their target price on Cenovus Energy from C$32.00 to C$30.00 in a research note on Thursday. National Bankshares dropped their target price on Cenovus Energy from C$29.00 to C$28.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, BMO Capital Markets decreased their price target on Cenovus Energy from C$28.00 to C$25.00 in a report on Friday, December 13th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of C$30.33.

Cenovus Energy Stock Performance

The stock has a 50 day moving average of C$21.61 and a two-hundred day moving average of C$23.32. The stock has a market capitalization of C$38.24 billion, a PE ratio of 8.19, 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 current ratio of 1.66 and a quick ratio of 1.00.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings results on Thursday, October 31st. The company reported C$0.42 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.46 by C($0.04). Cenovus Energy had a return on equity of 16.69% and a net margin of 8.54%. During the same quarter last year, the firm earned $0.97 EPS. Research analysts expect that Cenovus Energy Inc. will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 31st were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.72 annualized dividend and a yield of 3.50%. Cenovus Energy’s payout ratio is currently 28.69%.

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, insider Cenovus Energy Inc. bought 44,700 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was 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 bought 5,000 shares of the business’s stock in a transaction on Friday, December 27th. The shares were acquired at an average price of C$21.17 per share, with a total value of C$105,832.00. Over the last three months, insiders purchased 54,800 shares of company stock valued at $1,203,070. Corporate insiders own 32.03% of the company’s stock.

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.