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

Key Points

• Cenovus Energy's stock recently crossed above its 200-day moving average, reaching a high of C$24.74 before last trading at C$24.71.
• Analysts have mixed views on the stock, with target prices ranging from C$28.00 to C$29.00, while maintaining an average rating of "Buy".
• The company announced a quarterly dividend of $0.20, yielding 3.2% annually, with a payout ratio of 51.39%.

Shares of Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$19.91 and traded as high as C$24.74. Cenovus Energy shares last traded at C$24.71, with a volume of 10,823,118 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Cenovus Energy from C$32.00 to C$29.00 and set an "overweight" rating for the company in a research note on Thursday, September 11th. Desjardins boosted their target price on shares of Cenovus Energy from C$27.50 to C$29.00 in a research note on Monday, August 25th. ATB Capital boosted their target price on shares of Cenovus Energy from C$25.00 to C$28.00 and gave the company an "outperform" rating in a research note on Monday, August 25th. Jefferies Financial Group upped their price target on shares of Cenovus Energy from C$25.00 to C$29.00 and gave the stock a "buy" rating in a research report on Tuesday, September 2nd. Finally, National Bank Financial upgraded shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of C$27.90.

Cenovus Energy Stock Up 1.8%

The firm has a market cap of C$44.47 billion, a price-to-earnings ratio of 17.16, a P/E/G ratio of 0.09 and a beta of 0.66. The firm's fifty day moving average is C$22.60 and its two-hundred day moving average is C$19.91. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 29th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.80 annualized dividend and a yield of 3.2%. Cenovus Energy's dividend payout ratio is presently 51.39%.

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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