Cenovus Energy (TSE:CVE) Share Price Crosses Below Two Hundred Day Moving Average on Insider Selling

Shares of Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE passed below its 200-day moving average during trading on Monday after an insider sold shares in the company. The stock has a 200-day moving average of C$19.58 and traded as low as C$19.09. Cenovus Energy shares last traded at C$19.12, with a volume of 14,026,329 shares traded.

Specifically, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of C$20.28, for a total value of C$13,886,994.98.

Wall Street Analyst Weigh In

CVE has been the topic of a number of research reports. TD Securities raised their target price on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Scotiabank upgraded shares of Cenovus Energy to a "strong-buy" rating in a research note on Wednesday, March 19th. Desjardins reduced 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 Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, JPMorgan Chase & Co. dropped their target price on Cenovus Energy from C$34.00 to C$32.00 and set an "overweight" rating on the stock in a research report on Friday, April 11th. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of C$28.15.

Cenovus Energy Stock Up 0.7%

The company's fifty day simple moving average is C$18.26 and its 200-day simple moving average is C$19.56. The firm has a market capitalization of C$34.32 billion, a PE ratio of 9.29, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. 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 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 30th will be 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 4.25%. The ex-dividend date is Friday, June 13th. Cenovus Energy's dividend payout ratio (DPR) is presently 35.49%.

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.