Cenovus Energy (TSE:CVE) Shares Cross Below Two Hundred Day Moving Average - Time to Sell?

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE's stock price passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$19.36 and traded as low as C$19.11. Cenovus Energy shares last traded at C$19.30, with a volume of 13,722,479 shares trading hands.

Wall Street Analysts Forecast Growth

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

Cenovus Energy Stock Up 0.9%

The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The company has a market cap of C$35.16 billion, a price-to-earnings ratio of 9.51, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The stock's fifty day moving average is C$19.08 and its two-hundred day moving average is C$19.36.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 30th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.15%. The ex-dividend date was Friday, June 13th. This is an increase from Cenovus Energy's previous quarterly dividend of $0.18. Cenovus Energy's dividend payout ratio is currently 35.49%.

Insider Activity at Cenovus Energy

In other Cenovus Energy news, Senior Officer Jonathan Michael Mckenzie acquired 50,000 shares of the company's stock in a transaction on Tuesday, May 20th. The stock was acquired at an average cost of C$18.49 per share, with a total value of C$924,500.00. Also, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of the business's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of C$20.03, for a total transaction of C$48,849,820.34. Insiders sold 4,358,981 shares of company stock worth $86,440,451 over the last quarter. 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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