Cenovus Energy (TSE:CVE) Stock Crosses Below 200 Day Moving Average - Here's What Happened

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$20.45 and traded as low as C$16.10. Cenovus Energy shares last traded at C$16.11, with a volume of 3,582,377 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Scotiabank upgraded shares of Cenovus Energy to a "strong-buy" rating in a research report on Wednesday, March 19th. TD Securities upped 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. JPMorgan Chase & Co. decreased their target price on shares of 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. Royal Bank of Canada decreased their target price on shares of Cenovus Energy from C$28.00 to C$26.00 in a research report on Tuesday, January 14th. Finally, Jefferies Financial Group reduced their price objective on shares of Cenovus Energy from C$32.00 to C$30.00 in a research report on Thursday, January 30th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Cenovus Energy presently has an average rating of "Moderate Buy" and an average price target of C$28.15.

Cenovus Energy Trading Up 3.8%

The firm has a market capitalization of C$33.61 billion, a PE ratio of 9.09, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The stock's 50-day moving average price is C$17.74 and its 200 day moving average price is C$20.28. 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 31st were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date of this dividend was Friday, March 14th. Cenovus Energy's dividend payout ratio (DPR) is presently 35.49%.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, Senior Officer John F. Soini acquired 5,880 shares of the company's stock in a transaction dated Wednesday, April 9th. The shares were purchased at an average cost of C$16.89 per share, for a total transaction of C$99,313.20. Also, Senior Officer Karamjit Singh Sandhar acquired 6,000 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average price of C$17.97 per share, for a total transaction of C$107,808.00. Over the last three months, insiders have purchased 32,934 shares of company stock valued at $637,721. 32.03% of the stock is currently owned by company 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.