Cenovus Energy (TSE:CVE) Stock Crosses Above 200 Day Moving Average - Here's Why

Key Points

• Cenovus shares crossed above their 200-day moving average
• Analysts are broadly positive — three Strong Buy, ten Buy and two Hold — giving a consensus Buy rating with a consensus target of C$39.00 and individual targets as high as C$57.00 after recent upgrades.
• The company has a market cap of C$70.58 billion and a P/E of 17.47, and it pays a quarterly dividend of C$0.20 (annualized yield ~2.1%) with a payout ratio of 36.28%.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE's stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$28.06 and traded as high as C$37.72. Cenovus Energy shares last traded at C$37.55, with a volume of 5,566,531 shares trading hands.

Analyst Upgrades and Downgrades

CVE has been the subject of a number of recent research reports. Morgan Stanley lowered their target price on Cenovus Energy from C$31.00 to C$29.00 in a research note on Friday, January 23rd. Raymond James Financial lifted their target price on shares of Cenovus Energy from C$33.00 to C$42.00 in a research note on Monday, March 30th. National Bank Financial upped their price target on shares of Cenovus Energy from C$30.00 to C$57.00 and gave the company an "outperform" rating in a report on Tuesday, March 31st. Scotia set a C$38.00 price objective on shares of Cenovus Energy and gave the company a "sector outperform" rating in a research note on Tuesday, April 21st. Finally, Veritas upgraded Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a report on Tuesday, March 10th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of C$39.00.

Cenovus Energy Price Performance

The company has a debt-to-equity ratio of 53.80, a current ratio of 1.57 and a quick ratio of 1.00. The firm has a market cap of C$70.58 billion, a P/E ratio of 17.47, a price-to-earnings-growth ratio of 0.09 and a beta of 0.07. The firm's 50 day moving average is C$33.90 and its 200 day moving average is C$28.06.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last released its earnings results on Thursday, February 19th. The company reported C$0.50 EPS for the quarter. The firm had revenue of C$10.88 billion for the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%. As a group, analysts anticipate that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 31st were paid a $0.20 dividend. The ex-dividend date was Friday, March 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.1%. Cenovus Energy's payout ratio is currently 36.28%.

Insider Buying and Selling at Cenovus Energy

In related news, insider John F. Soini sold 10,275 shares of the stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of C$35.13, for a total transaction of C$360,960.75. Following the transaction, the insider owned 2,114 shares in the company, valued at C$74,264.82. This represents a 82.94% decrease in their ownership of the stock. 32.03% of the stock is owned by insiders.

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.

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