Cenovus Energy (TSE:CVE) Sets New 52-Week Low - Here's Why

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE shares hit a new 52-week low during mid-day trading on Monday . The stock traded as low as C$19.53 and last traded at C$19.72, with a volume of 1188941 shares trading hands. The stock had previously closed at C$20.01.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CVE shares. Royal Bank of Canada decreased their price objective on Cenovus Energy from C$28.00 to C$26.00 in a research report on Tuesday, January 14th. BMO Capital Markets decreased their price objective on Cenovus Energy from C$28.00 to C$25.00 in a research report on Friday, December 13th. Jefferies Financial Group decreased their price objective on Cenovus Energy from C$32.00 to C$30.00 in a research report on Thursday, January 30th. Raymond James boosted their price objective on Cenovus Energy from C$32.00 to C$33.00 in a research report on Friday, December 13th. Finally, National Bankshares downgraded Cenovus Energy from an "outperform" rating to a "sector perform" rating and reduced their price target for the stock from C$28.00 to C$25.00 in a research report on Friday, February 21st. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Cenovus Energy currently has an average rating of "Moderate Buy" and an average price target of C$29.89.

Cenovus Energy Trading Up 1.0 %

The company has a market cap of C$33.35 billion, a price-to-earnings ratio of 9.03, a P/E/G ratio of 0.09 and a beta of 2.63. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The firm has a fifty day moving average price of C$21.13 and a 200 day moving average price of C$22.24.

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Cenovus Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 31st will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date of this dividend is Friday, March 14th. Cenovus Energy's dividend payout ratio (DPR) is presently 35.49%.

Insiders Place Their Bets

In other news, Senior Officer Jeffery George Lawson acquired 5,000 shares of the stock in a transaction on Friday, December 27th. The shares were purchased at an average price of C$21.17 per share, for a total transaction of C$105,832.00. Also, Senior Officer Karamjit Singh Sandhar acquired 6,000 shares of the stock in a transaction on Tuesday, March 4th. The shares were purchased at an average price of C$17.97 per share, for a total transaction of C$107,808.00. Insiders have bought 32,050 shares of company stock worth $656,738 in the last 90 days. Company insiders own 32.03% of the company's stock.

About Cenovus Energy

Cenovus Energy is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 472 thousand barrels of oil equivalent per day in 2020, and the company estimates that it holds 6.7 billion boe of proven and probable reserves.