Cenovus Energy (TSE:CVE) Shares Cross Below Two Hundred Day Moving Average - Here's What Happened

Shares of Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred 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 traded.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Veritas downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Scotiabank upgraded Cenovus Energy to a "strong-buy" rating in a report on Wednesday, March 19th. JPMorgan Chase & Co. reduced their target price on Cenovus Energy from C$34.00 to C$32.00 and set an "overweight" rating on the stock in a report on Friday, April 11th. CIBC reduced their target price on Cenovus Energy from C$32.00 to C$28.00 in a report on Thursday, April 10th. Finally, TD Securities boosted their price target on Cenovus Energy from C$25.00 to C$26.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of C$28.15.

Cenovus Energy Price Performance

The firm has a market capitalization of C$34.90 billion, a P/E ratio of 9.44, a PEG ratio of 0.09 and a beta of 2.63. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The firm has a 50-day moving average of C$18.57 and a 200-day moving average of C$19.43.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 30th were given a $0.20 dividend. The ex-dividend date of this dividend was Friday, June 13th. This is a boost from Cenovus Energy's previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a yield of 4.18%. Cenovus Energy's dividend payout ratio is 35.49%.

Insider Activity at Cenovus Energy

In other news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of C$20.03, for a total transaction of C$48,849,820.34. Also, Senior Officer Jonathan Michael Mckenzie purchased 50,000 shares of the stock in a transaction dated Tuesday, May 20th. The shares were purchased at an average cost of C$18.49 per share, for a total transaction of C$924,500.00. In the last three months, insiders have acquired 56,880 shares of company stock valued at $1,041,948 and have sold 4,358,981 shares valued at $86,440,451. 32.03% of the stock is currently owned by insiders.

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.