Cenovus Energy (TSE:CVE) Share Price Breaks Above 200-Day Moving Average – What’s Next?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) shares crossed 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.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CVE shares. Canadian Imperial Bank of Commerce raised their price objective on shares of Cenovus Energy from C$48.00 to C$52.00 in a research report on Thursday, August 27th. Royal Bank Of Canada raised their price target on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and upped their price objective for the stock from C$42.00 to C$46.00 in a report on Monday, June 29th. Desjardins set a C$50.00 target price on Cenovus Energy and gave the company a “buy” rating in a report on Friday, July 17th. Finally, UBS Group downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued 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$45.19.

Cenovus Energy Trading Down 1.0%

The company has a market capitalization of C$80.78 billion, a P/E ratio of 12.17, a P/E/G ratio of 0.09 and a beta of 0.19. The company has a 50-day simple moving average of C$43.30 and a 200 day simple moving average of C$39.30. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63.

Cenovus Energy (TSE:CVE) (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 business had revenue of C$17.43 billion for the quarter. Sell-side analysts expect that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current year.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.0%. Cenovus Energy’s dividend payout ratio is currently 22.78%.

Insider Buying and Selling

In other Cenovus Energy news, Director Alex Pourbaix sold 30,186 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, 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. Also, insider John F. Soini sold 26,223 shares of Cenovus Energy stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of C$44.92, for a total value of C$1,177,937.16. Following the sale, the insider directly owned 2,114 shares in the company, valued at C$94,960.88. The trade was a 92.54% decrease in their position. Insiders have sold a total of 601,524 shares of company stock valued at $25,546,211 over the last three months. 32.03% of the stock is owned by corporate 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.