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

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) declared a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date is Friday, March 14th.

Cenovus Energy has raised its dividend payment by an average of 98.1% annually over the last three years. Cenovus Energy has a dividend payout ratio of 28.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Cenovus Energy to earn $1.49 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 34.2%.

Cenovus Energy Trading Down 4.5 %

Shares of NYSE CVE traded down $0.69 during mid-day trading on Friday, reaching $14.61. The company had a trading volume of 9,728,251 shares, compared to its average volume of 10,658,203. The business’s 50-day moving average is $15.00 and its 200-day moving average is $16.32. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The stock has a market cap of $26.64 billion, a price-to-earnings ratio of 10.08 and a beta of 1.99. Cenovus Energy has a 52 week low of $13.76 and a 52 week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly 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). Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $11.08 billion. Equities analysts expect that Cenovus Energy will post 1.36 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CVE. BMO Capital Markets lowered their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. National Bank Financial lowered shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday. StockNews.com lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th. Finally, Royal Bank of Canada decreased their price target on shares of Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating for the company in a research report on Friday. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Cenovus Energy currently has an average rating of “Moderate Buy” and an average target price of $29.25.

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.