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

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) announced a quarterly dividend on Wednesday, May 1st, Zacks reports. Shareholders of record on Friday, June 14th will be paid a dividend of 0.133 per share by the oil and gas company on Friday, June 28th. This represents a $0.53 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Friday, June 14th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.10.

Cenovus Energy has raised its dividend payment by an average of 103.3% annually over the last three years and has increased its dividend every year for the last 2 years. Cenovus Energy has a payout ratio of 17.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Cenovus Energy to earn $2.27 per share next year, which means the company should continue to be able to cover its $0.41 annual dividend with an expected future payout ratio of 18.1%.

Cenovus Energy Stock Performance

CVE stock traded up $0.29 during trading hours on Thursday, reaching $20.63. The stock had a trading volume of 2,989,993 shares, compared to its average volume of 11,195,673. The stock has a market capitalization of $38.48 billion, a PE ratio of 13.09 and a beta of 2.10. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.56 and a quick ratio of 0.91. The stock has a 50-day simple moving average of $19.63 and a 200 day simple moving average of $18.05. Cenovus Energy has a fifty-two week low of $14.69 and a fifty-two week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, February 15th. The oil and gas company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. The firm had revenue of $9.65 billion during the quarter, compared to analysts’ expectations of $9.73 billion. Cenovus Energy had a net margin of 7.88% and a return on equity of 14.85%. During the same quarter last year, the company posted $0.29 earnings per share. Analysts predict that Cenovus Energy will post 1.88 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CVE has been the topic of a number of recent research reports. StockNews.com raised shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Thursday, April 11th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $28.00 price target on shares of Cenovus Energy in a research report on Friday, January 26th. UBS Group raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating in a research report on Friday, February 23rd. Finally, Morgan Stanley raised their price target on shares of Cenovus Energy from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $26.67.

Cenovus Energy Company Profile

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.