Cenovus Energy (TSE:CVE) Stock Price Breaks Above 50-Day Moving Average - What's Next?

Key Points

• Cenovus Energy shares rose above their 50-day moving average of C$45.17, trading as high as C$45.60, while the stock’s 200-day average stood at C$37.85.
• Analyst sentiment remains positive, with a consensus “Buy” rating and a C$46.75 price target. National Bank Financial, Raymond James, and Desjardins recently raised their targets, though UBS downgraded the stock to “Hold.”
• Cenovus reported C$1.53 in quarterly EPS on C$17.43 billion in revenue and pays an annualized dividend of C$0.88 per share, yielding about 1.9%; insiders sold approximately 601,524 shares worth $25.5 million during the quarter.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE shares passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of C$45.17 and traded as high as C$45.60. Cenovus Energy shares last traded at C$45.20, with a volume of 5,366,354 shares trading hands.

Analyst Ratings Changes

CVE has been the subject of several research reports. National Bank Financial lifted their target price on Cenovus Energy from C$57.00 to C$58.00 and gave the company an "outperform" rating in a research note on Tuesday, October 20th. Raymond James Financial upped their price target on Cenovus Energy from C$51.00 to C$53.00 and gave the company an "outperform" rating in a research note on Tuesday, October 6th. UBS Group lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 2nd. Desjardins raised their price target on Cenovus Energy from C$52.00 to C$53.00 and gave the company a "buy" rating in a report on Tuesday, October 20th. Finally, Canadian Imperial Bank of Commerce lifted their price objective on Cenovus Energy from C$48.00 to C$52.00 in a research report on Thursday, August 27th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of C$46.75.

Cenovus Energy Price Performance

The company's fifty day moving average is C$45.17 and its two-hundred day moving average is C$37.85. The firm has a market capitalization of C$83.36 billion, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 0.09 and a beta of 0.28. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 34.01.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last announced its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. The firm had revenue of C$17.43 billion for the quarter. Equities research analysts anticipate that Cenovus Energy Inc. will post 2.26 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.9%. Cenovus Energy's payout ratio is 22.78%.

Insider Activity at Cenovus Energy

In other Cenovus Energy news, insider Jonathan Michael Mckenzie sold 104,974 shares of the stock in a transaction dated Friday, August 14th. The stock was sold at an average price of C$43.49, for a total value of C$4,565,319.26. Following the transaction, the insider owned 843,824 shares of the company's stock, valued at approximately C$36,697,905.76. This represents a 11.06% decrease in their ownership of the stock. Also, Director Alex Pourbaix sold 30,186 shares of the firm's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of C$42.17, for a total value of C$1,272,943.62. Following the transaction, the director owned 1,455,996 shares in the company, valued at approximately C$61,399,351.32. This trade represents a 2.03% decrease in their position. Over the last quarter, insiders sold 601,524 shares of company stock worth $25,546,211. 32.03% of the stock is 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.

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