Cenovus Energy Inc. Announces Monthly Dividend of $0.10 (NYSE:CVE)

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) announced a monthly dividend on Thursday, May 2nd, Wall Street Journal reports. Investors of record on Friday, May 17th will be given a dividend of 0.0981 per share by the oil and gas company on Friday, May 31st. This represents a $1.18 annualized dividend and a dividend yield of 5.72%. The ex-dividend date is Thursday, May 16th.

Cenovus Energy has raised its dividend by an average of 103.3% per year over the last three years and has increased its dividend annually for the last 2 consecutive years. Cenovus Energy has a payout ratio of 17.8% meaning its dividend is sufficiently covered by earnings. Equities research 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 Trading Up 1.1 %

Shares of NYSE CVE traded up $0.23 during trading hours on Thursday, hitting $20.57. The company’s stock had a trading volume of 8,285,443 shares, compared to its average volume of 11,262,089. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.91 and a current ratio of 1.56. The stock has a market cap of $38.37 billion, a price-to-earnings ratio of 13.03 and a beta of 2.10. Cenovus Energy has a 12 month low of $14.69 and a 12 month high of $21.90. The business has a 50-day simple moving average of $19.63 and a 200-day simple moving average of $18.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, February 15th. The oil and gas company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.25 by $0.04. Cenovus Energy had a net margin of 7.88% and a return on equity of 14.85%. The business had revenue of $9.65 billion during the quarter, compared to analyst estimates of $9.73 billion. During the same period last year, the business posted $0.29 earnings per share. On average, analysts anticipate that Cenovus Energy will post 1.88 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

About Cenovus Energy

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.