Cenovus Energy (TSE:CVE) Stock Crosses Above Two Hundred Day Moving Average - What's Next?

Key Points

• Cenovus Energy's share price surpassed its 200-day moving average, trading at C$19.85 with a volume of over 5.3 million shares.
• Several analysts have adjusted their ratings and price targets for Cenovus Energy, with the consensus price target now at C$27.50 and an average rating of "Moderate Buy."
• The company recently increased its quarterly dividend to $0.20 per share, reflecting a yield of 4.03% and a dividend payout ratio of 35.49%.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE's stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$19.24 and traded as high as C$19.96. Cenovus Energy shares last traded at C$19.85, with a volume of 5,343,992 shares.

Analysts Set New Price Targets

A number of research firms recently weighed in on CVE. CIBC lowered their price objective on shares of Cenovus Energy from C$32.00 to C$28.00 in a research note on Thursday, April 10th. TD Securities upped their price objective on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Desjardins lowered their price objective on shares of Cenovus Energy from C$24.50 to C$22.50 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Veritas lowered shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Cenovus Energy from C$34.00 to C$32.00 and set an "overweight" rating for the company in a research report on Friday, April 11th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Cenovus Energy currently has an average rating of "Moderate Buy" and a consensus price target of C$27.50.

Cenovus Energy Stock Up 0.6%

The stock has a market capitalization of C$37.78 billion, a PE ratio of 10.22, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The company's 50-day moving average is C$19.19 and its 200 day moving average is C$19.19.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 30th were given a $0.20 dividend. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a dividend yield of 3.86%. The ex-dividend date was Friday, June 13th. Cenovus Energy's dividend payout ratio (DPR) is presently 35.49%.

Insider Activity at Cenovus Energy

In related news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of C$20.03, for a total value of C$48,849,820.34. Also, Senior Officer Jonathan Michael Mckenzie acquired 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The stock was bought at an average cost of C$18.49 per share, with a total value of C$924,500.00. Insiders sold a total of 4,358,981 shares of company stock valued at $86,440,451 over the last ninety days. 32.03% of the stock is currently owned by insiders.

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.