Cenovus Energy (TSE:CVE) Shares Cross Above 200-Day Moving Average – Time to Sell?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred 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 traded.

Analyst Ratings Changes

Several analysts recently weighed in on CVE shares. Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and lifted their target price for the company from C$42.00 to C$46.00 in a report on Monday, June 29th. TD raised their price target on Cenovus Energy from C$46.00 to C$49.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. lifted their price objective on Cenovus Energy from C$45.00 to C$51.00 in a research note on Thursday, July 30th. Desjardins set a C$50.00 price objective on Cenovus Energy and gave the company a “buy” rating in a report on Friday, July 17th. Finally, Scotiabank increased their target price on 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. Two equities research 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. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of C$43.73.

Cenovus Energy Stock Performance

The company has a market capitalization of C$73.05 billion, a price-to-earnings ratio of 11.00, a price-to-earnings-growth ratio of 0.09 and a beta of 0.16. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01. The stock’s fifty day simple moving average is C$38.38 and its 200-day simple moving average is C$35.41.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 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 during the quarter. Analysts predict that Cenovus Energy Inc. will post 2.2619279 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.22 per share. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 15th. This represents a $0.88 annualized dividend and a yield of 2.2%. Cenovus Energy’s dividend payout ratio (DPR) is currently 22.78%.

Insider Activity

In other Cenovus Energy news, insider Susan Mary Anderson-Olney sold 19,379 shares of the stock in a transaction dated 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 sale, the insider 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. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of Cenovus Energy stock in a transaction dated 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 of the company’s stock, valued at C$45,192,486.24. The trade was a 5.72% decrease in their position. In the last 90 days, insiders have sold 165,897 shares of company stock worth $6,667,414. 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.