Cenovus Energy (TSE:CVE) Share Price Crosses Below 200-Day Moving Average - Should You Sell?

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE shares crossed 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 changing hands.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CVE. Desjardins decreased their target price 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. JPMorgan Chase & Co. cut their price objective on Cenovus Energy from C$34.00 to C$32.00 and set an "overweight" rating for the company in a research report on Friday, April 11th. CIBC dropped their price target on Cenovus Energy from C$32.00 to C$28.00 in a research report on Thursday, April 10th. TD Securities boosted their price target on Cenovus Energy from C$25.00 to C$26.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, Veritas downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cenovus Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of C$27.50.

Cenovus Energy Stock Performance

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 firm's 50 day moving average price is C$19.13 and its 200-day moving average price is C$19.29. The firm has a market capitalization of C$34.96 billion, a PE ratio of 9.46, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 30th were issued a $0.20 dividend. This is an increase from Cenovus Energy's previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.80 dividend on an annualized basis and a yield of 4.17%. Cenovus Energy's dividend payout ratio is presently 35.49%.

Insider Buying and Selling

In other Cenovus Energy news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of C$20.28, for a total value of C$13,886,994.98. Also, Senior Officer Jonathan Michael Mckenzie purchased 50,000 shares of the company's stock in a transaction on Tuesday, May 20th. The stock was acquired at an average price of C$18.49 per share, with a total value of C$924,500.00. Insiders have sold a total of 4,358,981 shares of company stock valued at $86,440,451 in the last 90 days. Insiders own 32.03% of the company's stock.

Cenovus Energy Company Profile

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.