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

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE's stock price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$19.46 and traded as low as C$18.45. Cenovus Energy shares last traded at C$18.53, with a volume of 6,531,018 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CVE. Veritas lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Scotiabank raised Cenovus Energy to a "strong-buy" rating in a research report on Wednesday, March 19th. TD Securities increased their price objective on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the company a "buy" rating in a research report on Friday, May 9th. CIBC reduced their price objective on shares of Cenovus Energy from C$32.00 to C$28.00 in a research note on Thursday, April 10th. Finally, Desjardins reduced their price target on shares of 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. Three 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 company. According to data from MarketBeat, Cenovus Energy has an average rating of "Moderate Buy" and an average target price of C$28.15.

Cenovus Energy Stock Performance

The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. The stock has a market capitalization of C$35.32 billion, a PE ratio of 9.56, a PEG ratio of 0.09 and a beta of 2.63. The firm has a 50 day moving average price of C$18.42 and a 200-day moving average price of C$19.46.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 30th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.13%. 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 is currently 35.49%.

Insider Activity at Cenovus Energy

In other news, Senior Officer John F. Soini bought 5,880 shares of the firm's stock in a transaction dated Wednesday, April 9th. The shares were acquired at an average price of C$16.89 per share, for a total transaction of C$99,313.20. Also, Senior Officer Jonathan Michael Mckenzie bought 50,000 shares of the company's stock in a transaction dated Tuesday, May 20th. The shares were acquired at an average cost of C$18.49 per share, with a total value of C$924,500.00. In the last three months, insiders bought 56,880 shares of company stock worth $1,041,948 and sold 4,358,981 shares worth $86,440,451. Company 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.