Cenovus Energy Inc. (NYSE:CVE) Announces $0.13 Quarterly Dividend

Cenovus Energy Inc. (NYSE:CVE - Get Free Report) TSE: CVE announced a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Shareholders of record on Friday, March 14th will be given a dividend of 0.1269 per share by the oil and gas company on Monday, March 31st. This represents a $0.51 annualized dividend and a yield of 3.60%. The ex-dividend date is Friday, March 14th.

Cenovus Energy has increased its dividend payment by an average of 98.1% annually over the last three years. Cenovus Energy has a payout ratio of 28.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Cenovus Energy to earn $1.91 per share next year, which means the company should continue to be able to cover its $0.51 annual dividend with an expected future payout ratio of 26.7%.

Cenovus Energy Stock Performance

Shares of NYSE CVE traded down $0.33 during trading on Tuesday, hitting $14.08. The company had a trading volume of 10,150,669 shares, compared to its average volume of 10,821,226. The stock has a 50 day simple moving average of $14.97 and a 200 day simple moving average of $16.22. The firm has a market capitalization of $25.67 billion, a P/E ratio of 11.63 and a beta of 1.99. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. Cenovus Energy has a 12 month low of $13.76 and a 12 month high of $21.90.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its earnings results on Thursday, February 20th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.32 by ($0.27). The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $11.08 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. As a group, analysts anticipate that Cenovus Energy will post 1.49 earnings per share for the current year.

Analyst Ratings Changes

CVE has been the subject of several recent analyst reports. BMO Capital Markets dropped their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating for the company in a report on Friday, November 1st. StockNews.com cut Cenovus Energy from a "buy" rating to a "hold" rating in a research report on Saturday, December 28th. Royal Bank of Canada lowered their price target on Cenovus Energy from $26.00 to $25.00 and set an "outperform" rating on the stock in a report on Friday. Finally, National Bank Financial downgraded Cenovus Energy from an "outperform" rating to a "sector perform" rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $29.25.

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.