Cenovus Energy Inc. (CVE) to Issue Quarterly Dividend of $0.13 on December 31st

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) announced a quarterly dividend on Thursday, October 31st, Zacks reports. Stockholders of record on Friday, December 13th will be paid a dividend of 0.133 per share by the oil and gas company on Tuesday, December 31st. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13.

Cenovus Energy has raised its dividend by an average of 103.3% annually over the last three years. Cenovus Energy has a dividend payout ratio of 32.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Cenovus Energy to earn $1.67 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 31.7%.

Cenovus Energy Price Performance

NYSE:CVE opened at $15.67 on Friday. The stock has a 50 day moving average price of $17.20 and a 200 day moving average price of $18.88. The stock has a market cap of $28.67 billion, a PE ratio of 8.42 and a beta of 2.04. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.66. Cenovus Energy has a one year low of $14.69 and a one year high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.13). The firm had revenue of $10.88 billion for the quarter, compared to analysts’ expectations of $9.78 billion. Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. Equities research analysts expect that Cenovus Energy will post 1.67 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on CVE. Scotiabank lowered their price objective on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. BMO Capital Markets dropped their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday. Finally, StockNews.com upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a report on Monday, October 28th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $30.00.

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.