Cenovus Energy Inc. (NYSE:CVE) Announces Dividend Increase - $0.13 Per Share

Cenovus Energy Inc. (NYSE:CVE - Get Free Report) TSE: CVE declared 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 increased its dividend by an average of 103.3% annually over the last three years. Cenovus Energy has a payout ratio of 32.9% meaning 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 Stock Down 2.5 %

Shares of NYSE CVE traded down $0.40 during mid-day trading on Friday, reaching $15.67. 8,904,119 shares of the company traded hands, compared to its average volume of 8,899,069. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.66. The stock has a market cap of $28.67 billion, a PE ratio of 8.42 and a beta of 2.04. The company's fifty day moving average is $17.20 and its two-hundred day moving average is $18.88. Cenovus Energy has a fifty-two week low of $14.69 and a fifty-two week high of $21.90.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing analysts' consensus estimates of $0.52 by ($0.13). The company had revenue of $10.88 billion for the quarter, compared to analyst estimates of $9.78 billion. Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. On average, analysts expect that Cenovus Energy will post 1.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. BMO Capital Markets lowered their price objective on Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating on the stock in a report on Friday. StockNews.com upgraded Cenovus Energy from a "hold" rating to a "buy" rating in a research note on Monday. TD Securities downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 1st. Finally, Scotiabank decreased their target price on Cenovus Energy from $35.00 to $34.00 and set a "sector outperform" rating for the company in a research note on Friday, July 12th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price 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.