Cenovus Energy (NYSE:CVE) Share Price Crosses Above 50 Day Moving Average – Should You Sell?

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE)’s share price passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $32.22 and traded as high as $32.54. Cenovus Energy shares last traded at $32.2630, with a volume of 5,515,915 shares changing hands.

Analysts Set New Price Targets

Several brokerages recently commented on CVE. Scotiabank reaffirmed an “outperform” rating on shares of Cenovus Energy in a research report on Monday, October 19th. Gerdes Energy Research raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Wednesday, September 2nd. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Cenovus Energy in a report on Thursday, August 27th. UBS Group cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Finally, JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “overweight” rating in a research note on Tuesday, September 8th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Cenovus Energy currently has an average rating of “Buy” and an average target price of $39.00.

Cenovus Energy Price Performance

The company has a 50 day simple moving average of $32.22 and a 200 day simple moving average of $27.23. The company has a market capitalization of $58.60 billion, a price-to-earnings ratio of 12.41 and a beta of 0.46. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting the consensus estimate of $1.11. The business had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%. The company’s revenue was up 47.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 EPS. As a group, research analysts predict that Cenovus Energy Inc will post 4.12 EPS for the current year.

Institutional Trading of Cenovus Energy

A number of institutional investors and hedge funds have recently bought and sold shares of CVE. MGO One Seven LLC raised its holdings in Cenovus Energy by 3.7% in the third quarter. MGO One Seven LLC now owns 37,560 shares of the oil and gas company’s stock valued at $1,167,000 after buying an additional 1,330 shares during the period. State of Wyoming lifted its position in Cenovus Energy by 59.7% during the third quarter. State of Wyoming now owns 23,898 shares of the oil and gas company’s stock valued at $743,000 after buying an additional 8,933 shares in the last quarter. DecisionPoint Financial LLC purchased a new stake in Cenovus Energy during the third quarter worth approximately $95,000. Kingswood Wealth Advisors LLC grew its stake in Cenovus Energy by 21.1% during the third quarter. Kingswood Wealth Advisors LLC now owns 10,433 shares of the oil and gas company’s stock worth $324,000 after buying an additional 1,821 shares during the period. Finally, Sigma Planning Corp purchased a new stake in Cenovus Energy during the third quarter worth approximately $807,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

About Cenovus Energy

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas. Its upstream operations include oil sands projects in northern Alberta, as well as conventional oil and natural gas assets in Canada.

The company also operates oil sands upgraders, refineries, and related infrastructure. Through its downstream business, Cenovus produces and markets refined petroleum products, including gasoline, diesel, jet fuel, asphalt, and other products.