Cenovus Energy (TSE:CVE) Shares Cross Above 200-Day Moving Average - Time to Sell?

Key Points

• Cenovus Energy shares crossed above their 200-day moving average, trading near C$39.61 versus the C$35.41 average, signaling improved technical momentum.
• Analysts remain broadly bullish: the stock has an average “Buy” rating and a consensus price target of C$43.73, with several firms recently raising targets to C$51.
• The company reported C$1.53 in quarterly EPS on C$17.43 billion in revenue and increased its quarterly dividend to $0.22 per share, though insiders have sold about 165,897 shares worth C$6.67 million over the past 90 days.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE's stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$35.41 and traded as high as C$39.87. Cenovus Energy shares last traded at C$39.61, with a volume of 5,558,088 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Royal Bank Of Canada upped their target price on Cenovus Energy from C$47.00 to C$51.00 and gave the company an "outperform" rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. raised their price target on shares of Cenovus Energy from C$45.00 to C$51.00 in a research report on Thursday, July 30th. Gerdes Energy Research upgraded shares of Cenovus Energy from a "neutral" rating to a "buy" rating and lifted their price objective for the company from C$42.00 to C$46.00 in a research note on Monday, June 29th. Scotiabank upped their price objective on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the company a "sector outperform" rating in a report on Thursday, July 30th. Finally, Raymond James Financial increased their price objective on shares of Cenovus Energy from C$41.00 to C$46.00 and gave the stock an "outperform" rating in a research note on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of C$43.73.

Cenovus Energy Stock Performance

The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01. The firm's fifty day moving average price is C$38.38 and its two-hundred day moving average price is C$35.41. The stock has a market capitalization of C$73.05 billion, a PE ratio of 11.00, a price-to-earnings-growth ratio of 0.09 and a beta of 0.16.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last released its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%.The company had revenue of C$17.43 billion during the quarter. As a group, equities research analysts forecast that Cenovus Energy Inc. will post 2.2619279 EPS for the current year.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.22 per share. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.2%. Cenovus Energy's payout ratio is 22.78%.

Insider Buying and Selling at Cenovus Energy

In related news, insider Susan Mary Anderson-Olney sold 37,072 shares of Cenovus Energy stock in a transaction dated Monday, May 11th. The stock was sold at an average price of C$39.85, for a total value of C$1,477,319.20. Following the sale, the insider directly owned 33,275 shares in the company, valued at approximately C$1,326,008.75. The trade was a 52.70% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of Cenovus Energy stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the completion of the sale, the insider directly owned 1,143,824 shares in the company, valued at C$45,192,486.24. This represents a 5.72% decrease in their ownership of the stock. Over the last ninety days, insiders have sold 165,897 shares of company stock worth $6,667,414. Insiders own 32.03% of the company's stock.

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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