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

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) declared a monthly dividend on Thursday, May 2nd, Wall Street Journal reports. Stockholders 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 annualized dividend and a dividend yield of 5.72%. The ex-dividend date is Thursday, May 16th.

Cenovus Energy has raised its dividend payment by an average of 103.3% per year over the last three years and has raised 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 Stock Up 1.1 %

Shares of Cenovus Energy stock traded up $0.23 on Thursday, hitting $20.57. 8,285,443 shares of the company’s stock traded hands, compared to its average volume of 11,262,089. The stock has a market cap of $38.37 billion, a P/E ratio of 13.03 and a beta of 2.10. The company has a quick ratio of 0.91, a current ratio of 1.56 and a debt-to-equity ratio of 0.25. The firm’s 50-day moving average is $19.63 and its 200 day moving average is $18.05. Cenovus Energy has a 52-week low of $14.69 and a 52-week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.04. The business had revenue of $9.65 billion for the quarter, compared to analyst estimates of $9.73 billion. Cenovus Energy had a return on equity of 14.85% and a net margin of 7.88%. During the same period in the prior year, the company posted $0.29 EPS. Equities analysts anticipate that Cenovus Energy will post 1.88 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Morgan Stanley upped their price target on Cenovus Energy from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. UBS Group raised Cenovus Energy from a “neutral” rating to a “buy” rating in a research report on Friday, February 23rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $28.00 target price on shares of Cenovus Energy in a research report on Friday, January 26th. Finally, StockNews.com raised Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Thursday, April 11th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average 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.