Cenovus Energy (TSE:CVE) Reaches New 1-Year Low - Here's Why

Shares of Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE reached a new 52-week low during trading on Friday . The stock traded as low as C$16.55 and last traded at C$16.55, with a volume of 830023 shares changing hands. The stock had previously closed at C$18.16.

Analyst Ratings Changes

CVE has been the topic of several analyst reports. National Bankshares lowered shares of 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. National Bank Financial lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 20th. Raymond James increased their target price on shares of Cenovus Energy from C$32.00 to C$33.00 in a report on Friday, December 13th. Scotiabank upgraded shares of Cenovus Energy to a "strong-buy" rating in a report on Wednesday, March 19th. Finally, BMO Capital Markets lowered their target price on shares of Cenovus Energy from C$28.00 to C$25.00 in a research note on Friday, December 13th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of C$29.89.

Cenovus Energy Price Performance

The stock has a market cap of C$29.89 billion, a P/E ratio of 8.09, 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 business has a 50 day simple moving average of C$19.83 and a 200-day simple moving average of C$21.43.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 31st were issued a $0.18 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.39%. Cenovus Energy's dividend payout ratio (DPR) is presently 35.49%.

Insider Activity at Cenovus Energy

In other news, Senior Officer Karamjit Singh Sandhar purchased 6,000 shares of the stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average cost of C$17.97 per share, with a total value of C$107,808.00. Also, Senior Officer John F. Soini acquired 4,104 shares of the business's stock in a transaction dated Tuesday, March 18th. The stock was purchased at an average price of C$19.48 per share, with a total value of C$79,945.92. In the last three months, insiders have bought 26,054 shares of company stock worth $520,272. Company insiders own 32.03% of the company's stock.

Cenovus Energy Company Profile

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.