Cenovus Energy (TSE:CVE) Shares Pass Above Two Hundred Day Moving Average - Here's Why

Key Points

• Cenovus Energy's stock price has recently crossed above its 200-day moving average, signaling potential positive momentum, with shares trading at C$22.57.
• Analyst ratings have shown a positive trend, with multiple upgrades; National Bankshares and Desjardins both raised their price targets to C$28.00 and C$29.00, respectively.
• The company announced a quarterly dividend of $0.20 per share, representing a 3.5% yield, with an ex-dividend date of September 15th.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE's share price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$19.22 and traded as high as C$23.06. Cenovus Energy shares last traded at C$22.57, with a volume of 7,382,143 shares.

Analyst Upgrades and Downgrades

Several analysts recently commented on CVE shares. National Bank Financial raised Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, August 22nd. Desjardins raised their price objective on Cenovus Energy from C$27.50 to C$29.00 in a report on Monday, August 25th. Jefferies Financial Group raised their price objective on Cenovus Energy from C$25.00 to C$29.00 and gave the company a "buy" rating in a report on Tuesday, September 2nd. JPMorgan Chase & Co. dropped their price objective on Cenovus Energy from C$32.00 to C$29.00 and set an "overweight" rating on the stock in a report on Thursday. Finally, Royal Bank Of Canada raised their price objective on Cenovus Energy from C$25.00 to C$26.00 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 issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of C$27.90.

Cenovus Energy Stock Performance

The stock has a market cap of C$42.29 billion, a PE ratio of 16.32, a P/E/G ratio of 0.09 and a beta of 0.78. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. The stock has a 50-day moving average of C$21.07 and a 200 day moving average of C$19.28.

Cenovus Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 29th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, September 15th. This represents a $0.80 dividend on an annualized basis and a yield of 3.4%. Cenovus Energy's dividend payout ratio (DPR) is presently 51.39%.

Insider Buying and Selling

In other Cenovus Energy news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of Cenovus Energy stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of C$20.28, for a total value of C$13,886,994.98. 32.03% of the stock is owned by corporate insiders.

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.