Cenovus Energy Inc. (NYSE:CVE) Plans Monthly Dividend of $0.10

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) announced a monthly dividend on Thursday, May 2nd, Wall Street Journal reports. Investors of record on Friday, May 17th will be given a dividend of 0.0981 per share by the oil and gas company on Friday, May 31st. This represents a $1.18 dividend on an annualized basis and a yield of 5.76%. The ex-dividend date is Thursday, May 16th.

Cenovus Energy has increased its dividend by an average of 103.3% annually over the last three years and has increased its dividend every year for the last 2 years. Cenovus Energy has a payout ratio of 17.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Cenovus Energy to earn $2.27 per share next year, which means the company should continue to be able to cover its $0.41 annual dividend with an expected future payout ratio of 18.1%.

Cenovus Energy Trading Down 0.7 %

Cenovus Energy stock traded down $0.14 during trading on Friday, reaching $20.43. The company had a trading volume of 2,084,004 shares, compared to its average volume of 11,146,848. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.91 and a current ratio of 1.56. Cenovus Energy has a 12-month low of $14.69 and a 12-month high of $21.90. The stock’s 50 day moving average price is $19.69 and its two-hundred day moving average price is $18.07. The firm has a market capitalization of $38.10 billion, a price-to-earnings ratio of 11.43 and a beta of 2.10.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.04. The business had revenue of $9.65 billion during the quarter, compared to the consensus estimate of $9.73 billion. Cenovus Energy had a net margin of 8.73% and a return on equity of 16.73%. During the same period in the prior year, the firm earned $0.29 earnings per share. As a group, equities analysts expect that Cenovus Energy will post 1.88 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on CVE shares. StockNews.com upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Thursday, April 11th. Morgan Stanley increased their price objective on shares of Cenovus Energy from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Royal Bank of Canada reiterated an “outperform” rating and issued a $28.00 target price on shares of Cenovus Energy in a research report on Friday, January 26th. Finally, UBS Group upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating in a research report on Friday, February 23rd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $26.67.

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.