Cenovus Energy Inc. to Issue Quarterly Dividend of $0.13 (NYSE:CVE)

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) declared a quarterly dividend on Thursday, August 1st, Zacks reports. Shareholders of record on Friday, September 13th will be paid a dividend of 0.132 per share by the oil and gas company on Friday, September 27th. This represents a $0.53 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Friday, September 13th.

Cenovus Energy has raised its dividend by an average of 103.3% per year over the last three years. Cenovus Energy has a payout ratio of 24.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Cenovus Energy to earn $2.13 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 24.9%.

Cenovus Energy Stock Performance

Cenovus Energy stock traded down $0.64 during mid-day trading on Friday, reaching $18.21. 2,533,007 shares of the company traded hands, compared to its average volume of 9,244,066. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.70 and a quick ratio of 1.01. Cenovus Energy has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The company has a market capitalization of $33.81 billion, a price-to-earnings ratio of 10.16 and a beta of 2.07. The firm’s fifty day moving average is $19.63 and its two-hundred day moving average is $19.01.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.11. The firm had revenue of $9.94 billion for the quarter, compared to analyst estimates of $9.98 billion. Cenovus Energy had a net margin of 8.73% and a return on equity of 16.53%. On average, equities research analysts expect that Cenovus Energy will post 1.93 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CVE. Scotiabank cut their price objective on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. StockNews.com lowered shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 26th. Finally, Raymond James upgraded shares of Cenovus Energy to a “moderate buy” rating in a research note on Tuesday, May 28th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $30.67.

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.