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

Key Points

• Cenovus Energy's stock price has surged above its 200-day moving average, with a recent trading high of C$24.38 and a current price of C$24.07.
• Equity research analysts have significantly upgraded their ratings, with Jefferies Financial Group raising their target price to C$29.00 and National Bank Financial issuing a "strong-buy" rating.
• The company announced a quarterly dividend of $0.20, representing an annual yield of 3.3%, with the ex-dividend date set for September 15th.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$19.41 and traded as high as C$24.38. Cenovus Energy shares last traded at C$24.07, with a volume of 12,824,982 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CVE shares. Desjardins raised their target price on Cenovus Energy from C$27.50 to C$29.00 in a research note on Monday, August 25th. National Bank Financial upgraded shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd. Jefferies Financial Group boosted 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 research note on Tuesday, September 2nd. JPMorgan Chase & Co. dropped their price target on shares of Cenovus Energy from C$32.00 to C$29.00 and set an "overweight" rating on the stock in a research note on Thursday, September 11th. Finally, ATB Capital lifted their price target on Cenovus Energy from C$25.00 to C$28.00 and gave the company an "outperform" rating in a report on Monday, August 25th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Cenovus Energy presently has an average rating of "Buy" and an average target price of C$27.90.

Cenovus Energy Stock Up 0.9%

The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The firm has a market capitalization of C$42.49 billion, a P/E ratio of 16.40, a PEG ratio of 0.09 and a beta of 0.78. The firm's fifty day moving average price is C$21.56 and its 200-day moving average price is C$19.51.

Cenovus Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 29th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, September 15th. Cenovus Energy's payout ratio is currently 51.39%.

Cenovus Energy Company Profile

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.