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

Key Points

• Cenovus Energy shares crossed above their 200-day moving average, reaching C$41.70 before closing at C$40.83, compared with a 200-day average of C$34.71.
• Analyst sentiment remains positive: the stock has an overall “Buy” rating, with three Strong Buy ratings and a consensus price target of C$41.47.
• Cenovus reported quarterly earnings of C$1.53 per share on C$17.43 billion in revenue and increased its quarterly dividend to $0.22 per share, while insiders have sold roughly 225,897 shares over the past 90 days.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$34.71 and traded as high as C$41.70. Cenovus Energy shares last traded at C$40.83, with a volume of 5,059,723 shares.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CVE. TD upped their price objective on Cenovus Energy from C$45.00 to C$46.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. UBS Group lifted their price objective on Cenovus Energy from C$36.00 to C$41.00 in a research report on Thursday, April 9th. Gerdes Energy Research raised shares of Cenovus Energy from a "neutral" rating to a "buy" rating and boosted their target price for the company from C$42.00 to C$46.00 in a research note on Monday, June 29th. Raymond James Financial lowered shares of Cenovus Energy from a "strong-buy" rating to a "moderate buy" rating and upped their target price for the company from C$41.00 to C$42.00 in a report on Wednesday, May 6th. Finally, Scotiabank raised shares of Cenovus Energy to a "strong-buy" rating in a research note on Friday, June 26th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of C$41.47.

Cenovus Energy Stock Performance

The stock's fifty day simple moving average is C$38.28 and its two-hundred day simple moving average is C$34.71. The company has a market cap of C$76.14 billion, a price-to-earnings ratio of 16.27, a price-to-earnings-growth ratio of 0.09 and a beta of 0.17. The company has a debt-to-equity ratio of 42.29, a quick ratio of 1.00 and a current ratio of 1.57.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last issued its 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 15.23% and a net margin of 9.52%.The firm had revenue of C$17.43 billion for the quarter. Equities research analysts anticipate 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. Investors of record on Tuesday, June 30th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Monday, June 15th. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.20. Cenovus Energy's dividend payout ratio (DPR) is presently 31.87%.

Insiders Place Their Bets

In related news, insider Susan Mary Anderson-Olney sold 19,379 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of C$41.84, for a total value of C$810,817.36. Following the completion of the sale, the insider directly owned 33,275 shares in the company, valued at approximately C$1,392,226. This represents a 36.80% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the company's stock in a transaction dated 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 of the company's stock, valued at C$45,192,486.24. The trade was a 5.72% decrease in their position. Over the last ninety days, insiders have sold 225,897 shares of company stock valued at $8,990,614. 32.03% of the stock is owned by corporate 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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