Cenovus Energy (TSE:CVE) Stock Crosses Above 200-Day Moving Average - Time to Sell?

Key Points

• Cenovus Energy shares recently crossed above their 200-day moving average, with a last trading price of C$20.61 and a volume of over 10 million shares.
• Analysts have raised their price targets for Cenovus Energy, with a consensus target now at C$27.17, and several firms issuing “buy” or “outperform” ratings.
• The company recently increased its quarterly dividend from $0.18 to $0.20 per share, yielding approximately 3.9% annually, reflecting a stable dividend payout ratio of 35.49%.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$19.11 and traded as high as C$20.78. Cenovus Energy shares last traded at C$20.61, with a volume of 10,823,767 shares changing hands.

Analyst Ratings Changes

CVE has been the subject of a number of research analyst reports. TD Securities raised their price objective on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Jefferies Financial Group upped their target price on shares of Cenovus Energy from C$24.00 to C$25.00 in a report on Monday, August 18th. Royal Bank Of Canada raised their price target on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Desjardins raised their price target on shares of Cenovus Energy from C$27.50 to C$29.00 in a report on Monday. Finally, ATB Capital raised their price target on shares of Cenovus Energy from C$25.00 to C$28.00 and gave the company an "outperform" rating in a report on Monday. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Cenovus Energy has an average rating of "Moderate Buy" and an average target price of C$27.70.

Cenovus Energy Trading Up 2.1%

The stock has a market capitalization of C$42.17 billion, a P/E ratio of 11.41, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The stock's fifty day moving average price is C$20.03 and its two-hundred day moving average price is C$19.12.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 30th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Friday, June 13th. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.18. Cenovus Energy's dividend payout ratio (DPR) is presently 35.49%.

Insider Buying and Selling

In related news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of the company's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of C$20.28, for a total transaction of C$13,886,994.98. In the last three months, insiders have sold 4,281,552 shares of company stock worth $84,922,463. Corporate 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.