Cenovus Energy (TSE:CVE) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Cenovus Energy's share price has surpassed its two hundred day moving average, trading at C$23.63 with a maximum high of C$23.87.
• Research analysts have varying outlooks, with target prices ranging from C$29.00 to C$32.00, and an overall consensus rating of "Buy."
• The company recently announced a quarterly dividend of $0.20 per share, reflecting a 3.4% dividend yield and a dividend payout ratio of 51.39%.

Shares of Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$19.73 and traded as high as C$23.87. Cenovus Energy shares last traded at C$23.63, with a volume of 7,253,509 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their target price on shares of Cenovus Energy from C$32.00 to C$29.00 and set an "overweight" rating for the company in a report on Thursday, September 11th. Jefferies Financial Group raised their target price on shares of Cenovus Energy from C$25.00 to C$29.00 and gave the company a "buy" rating in a report on Tuesday, September 2nd. National Bankshares raised their target price on shares of Cenovus Energy from C$28.00 to C$29.00 and gave the company an "outperform" rating in a report on Wednesday, September 10th. Desjardins raised their target price on shares of Cenovus Energy from C$27.50 to C$29.00 in a report on Monday, August 25th. Finally, Raymond James Financial raised their target price on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of C$27.90.

Cenovus Energy Stock Performance

The firm has a market capitalization of C$42.53 billion, a P/E ratio of 16.41, a P/E/G ratio of 0.09 and a beta of 0.78. The firm has a 50-day moving average price of C$22.16 and a two-hundred day moving average price of C$19.73. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 29th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Monday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is 51.39%.

About Cenovus Energy

Cenovus Energy is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 472 thousand barrels of oil equivalent per day in 2020, and the company estimates that it holds 6.7 billion boe of proven and probable reserves.

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