Cenovus Energy (TSE:CVE) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred 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.

Cenovus Energy News Summary

Here are the key news stories impacting Cenovus Energy this week:

• Positive Sentiment: Raymond James lifted its price target from C$41 to C$46 and maintained an “outperform” rating, implying approximately 8.3% potential upside from the referenced C$42.48 price. BayStreet.CA analyst ratings
• Positive Sentiment: Royal Bank of Canada raised its target from C$47 to C$51 and retained an “outperform” rating, indicating roughly 20.1% potential upside. BayStreet.CA analyst ratings
• Positive Sentiment: Scotiabank increased its target from C$49 to C$51 and kept a “sector outperform” rating, also pointing to approximately 20.1% potential upside. BayStreet.CA analyst ratings
• Positive Sentiment: TD raised its target from C$46 to C$49 and assigned a “buy” rating, representing about 15.3% potential upside. Tickerreport.com analyst ratings
• Positive Sentiment: JPMorgan increased its price target from C$45 to C$51, implying approximately 20.1% upside and reinforcing the bullish analyst consensus. BayStreet.CA analyst ratings

Analyst Ratings Changes

Several research firms have recently commented on CVE. 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. TD upped their price objective on Cenovus Energy from C$46.00 to C$49.00 and gave the stock a “buy” rating in a report on Thursday. Raymond James Financial increased their price objective on Cenovus Energy from C$41.00 to C$46.00 and gave the stock an “outperform” rating in a research report on Thursday. Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and raised their target price for the company from C$42.00 to C$46.00 in a report on Monday, June 29th. Finally, Scotiabank boosted their target price on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the stock a “sector outperform” rating in a research report on Thursday. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of C$43.73.

Cenovus Energy Stock Performance

The stock’s fifty day simple moving average is C$38.29 and its 200-day simple moving average is C$34.84. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 34.01. The company has a market capitalization of C$78.83 billion, a PE ratio of 16.84, a PEG ratio of 0.09 and a beta of 0.17.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. The business had revenue of C$17.43 billion for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. On average, research analysts predict that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.22 per share. The ex-dividend date was Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. Cenovus Energy’s dividend payout ratio (DPR) is presently 31.87%.

Insiders Place Their Bets

In other news, insider Jonathan Michael Mckenzie sold 69,387 shares of the firm’s stock in a transaction 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 transaction, the insider owned 1,143,824 shares in the company, valued at C$45,192,486.24. This trade represents a 5.72% decrease in their ownership of the stock. Also, 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 directly owned 33,275 shares of the company’s stock, valued at C$1,392,226. This trade represents a 36.80% decrease in their position. Over 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.