Cenovus Energy (CVE) Tops Q1 EPS by 25c; To Triple Dividend

Cenovus Energy (NYSE: CVE) reported Q1 EPS of $0.81, $0.25 better than the analyst estimate of $0.56. Revenue for the quarter came in at $17.96 billion versus the consensus estimate of $11.83 billion.

Beginning with the second quarter of 2022, the base dividend will increase from $0.14 per share to $0.42 per share annually, and will continue to be declared and paid quarterly, at the discretion of the Board. The base dividend continues to be a structural component of the financial framework and is set at a level that Cenovus is confident can be sustainably covered at bottom of the cycle pricing of about US$45 WTI, with ample room to grow over the next five years.

Beyond the base dividend increase, Cenovus will target to return 50% of quarterly excess free funds flow to shareholders when reported net debt is less than $9 billion.

For earnings history and earnings-related data on Cenovus Energy (CVE) click here.

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