Cenovus Energy (TSE:CVE) Stock Crosses Above 200-Day Moving Average – Here’s Why

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$34.71 and traded as high as C$41.70. Cenovus Energy shares last traded at C$40.83, with a volume of 5,059,723 shares changing hands.

Analyst Ratings Changes

Several research analysts recently commented on the company. JPMorgan Chase & Co. cut their price target on Cenovus Energy from C$47.00 to C$45.00 in a research note on Thursday, July 9th. Gerdes Energy Research upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and raised their price objective for the company from C$42.00 to C$46.00 in a research note on Monday, June 29th. TD upped their target price on Cenovus Energy from C$45.00 to C$46.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Raymond James Financial cut Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and increased their target price for the company from C$41.00 to C$42.00 in a research note on Wednesday, May 6th. Finally, Scotia raised their price target on shares of Cenovus Energy from C$38.00 to C$44.00 and gave the stock a “sector outperform” rating in a research report on Thursday, May 7th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Cenovus Energy has an average rating of “Buy” and an average target price of C$41.47.

Cenovus Energy Price Performance

The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 42.29. The company has a 50 day simple moving average of C$38.28 and a 200-day simple moving average of C$34.71. The stock has a market cap of C$76.14 billion, a price-to-earnings ratio of 16.27, a PEG ratio of 0.09 and a beta of 0.17.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. The company had revenue of C$17.43 billion during the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%. As a group, research analysts anticipate that Cenovus Energy Inc. will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s payout ratio is currently 31.87%.

Insider Activity

In other news, insider Susan Mary Anderson-Olney sold 19,379 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of C$41.84, for a total transaction of C$810,817.36. Following the sale, the insider directly owned 33,275 shares in the company, valued at approximately C$1,392,226. This represents a 36.80% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the completion of the sale, the insider directly owned 1,143,824 shares in the company, valued at approximately C$45,192,486.24. This trade represents a 5.72% decrease in their position. In the last quarter, insiders have sold 225,897 shares of company stock worth $8,990,614. 32.03% of the stock is owned by company 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.