Cenovus Energy (TSE:CVE) Share Price Passes Above 200-Day Moving Average – Here’s What Happened

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$35.41 and traded as high as C$39.87. Cenovus Energy shares last traded at C$39.61, with a volume of 5,558,088 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CVE shares. Scotiabank raised their price target on shares of 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. Royal Bank Of Canada upped their price objective on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. Scotia raised their target price 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. JPMorgan Chase & Co. lifted their target price on shares of Cenovus Energy from C$45.00 to C$51.00 in a research note on Thursday, July 30th. Finally, Desjardins set a C$50.00 price target on Cenovus Energy and gave the company a “buy” rating in a report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Cenovus Energy currently has an average rating of “Buy” and a consensus target price of C$43.73.

Cenovus Energy Stock Down 0.6%

The firm has a fifty day simple moving average of C$38.41 and a 200 day simple moving average of C$35.44. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63. The company has a market cap of C$72.63 billion, a PE ratio of 10.94, a PEG ratio of 0.09 and a beta of 0.16.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its earnings results 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. Equities research analysts predict that Cenovus Energy Inc. will post 2.2619279 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.88 annualized dividend and a dividend yield of 2.2%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio is presently 22.78%.

Insider Buying and Selling at Cenovus Energy

In related news, insider Susan Mary Anderson-Olney sold 19,379 shares of Cenovus Energy stock in a transaction on Friday, May 15th. The stock was sold at an average price of C$41.84, for a total value of C$810,817.36. Following the transaction, the insider owned 33,275 shares in the company, valued at approximately C$1,392,226. This trade represents a 36.80% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of Cenovus Energy stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the completion of the transaction, the insider owned 1,143,824 shares in the company, valued at C$45,192,486.24. The trade was a 5.72% decrease in their position. Insiders have sold a total of 165,897 shares of company stock valued at $6,667,414 over the last three months. Corporate insiders own 32.03% of the company’s stock.

Cenovus Energy Company Profile

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.