Cenovus Energy (TSE:CVE) Share Price Passes Below 200-Day Moving Average Following Insider Selling

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE's share price crossed below its two hundred day moving average during trading on Monday following insider selling activity. The stock has a two hundred 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 changing hands.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CVE shares. Veritas downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Scotiabank raised shares of Cenovus Energy to a "strong-buy" rating in a research note on Wednesday, March 19th. TD Securities boosted their price target on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Desjardins reduced their price target on shares of Cenovus Energy from C$24.50 to C$22.50 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Cenovus Energy from C$34.00 to C$32.00 and set an "overweight" rating on the stock in a research note on Friday, April 11th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cenovus Energy currently has a consensus rating of "Moderate Buy" and an average price target of C$28.15.

Cenovus Energy Stock Down 4.9%

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 market cap of C$34.83 billion, a price-to-earnings ratio of 9.42, a PEG ratio of 0.09 and a beta of 2.63. The business's fifty day moving average is C$18.09 and its two-hundred day moving average is C$19.58.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 30th will be issued a $0.20 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.18%. This is a boost from Cenovus Energy's previous quarterly dividend of $0.18. Cenovus Energy's payout ratio is 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.

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