Cenovus Energy (TSE:CVE) Stock Price Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• Cenovus Energy shares crossed above their 200-day moving average, reaching C$44.69 before closing at C$43.77, compared with a 200-day average of C$39.21.
• Analysts remain broadly bullish: the stock has an average “Buy” rating and a consensus price target of C$45.19, with recent target increases from RBC, Scotiabank, and TD.
• Cenovus reported quarterly EPS of C$1.53 on C$17.43 billion in revenue and announced a quarterly dividend of $0.22 per share, equivalent to a 2.0% annualized yield.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE's stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$39.21 and traded as high as C$44.69. Cenovus Energy shares last traded at C$43.77, with a volume of 5,602,890 shares traded.

Analyst Upgrades and Downgrades

CVE has been the topic of several recent research reports. Royal Bank Of Canada raised their target price on Cenovus Energy from C$47.00 to C$51.00 and gave the company an "outperform" rating in a report on Thursday, July 30th. Scotiabank upped their price target on Cenovus Energy from C$49.00 to C$51.00 and gave the stock a "sector outperform" rating in a research note on Thursday, July 30th. TD increased their price objective on Cenovus Energy from C$46.00 to C$49.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Desjardins set a C$50.00 price objective on Cenovus Energy and gave the company a "buy" rating in a research note on Friday, July 17th. Finally, National Bank Financial set a C$60.00 target price on Cenovus Energy and gave the stock an "outperform" rating in a research report on Tuesday, August 25th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of C$45.19.

Cenovus Energy Stock Down 0.7%

The stock has a market cap of C$80.72 billion, a P/E ratio of 12.16, a P/E/G ratio of 0.09 and a beta of 0.19. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01. The firm's fifty day moving average is C$43.18 and its 200 day moving average is C$39.21.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last released its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. The company had revenue of C$17.43 billion during the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. As a group, equities research analysts forecast that Cenovus Energy Inc. will post 2.2619279 EPS for the current year.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th will be paid a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 annualized dividend and a yield of 2.0%. Cenovus Energy's dividend payout ratio is presently 22.78%.

Insider Buying and Selling at Cenovus Energy

In other news, insider Jonathan Michael Mckenzie sold 104,974 shares of the company's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the completion of the transaction, the insider directly owned 843,824 shares in the company, valued at C$36,697,905.76. The trade was a 11.06% decrease in their ownership of the stock. Also, Director Alex Pourbaix sold 30,186 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of C$42.17, for a total value of C$1,272,943.62. Following the completion of the sale, the director directly owned 1,455,996 shares of the company's stock, valued at C$61,399,351.32. This represents a 2.03% decrease in their ownership of the stock. Insiders have sold 601,524 shares of company stock valued at $25,546,211 in the last 90 days. 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.

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