Cenovus Energy (TSE:CVE) Shares Break Above 50-Day Moving Average – Here’s Why

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of C$45.17 and traded as high as C$45.60. Cenovus Energy shares last traded at C$45.20, with a volume of 5,366,354 shares changing hands.

Wall Street Analyst Weigh In

CVE has been the subject of several recent analyst reports. National Bank Financial upped their target price on shares of Cenovus Energy from C$57.00 to C$58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 20th. Royal Bank Of Canada increased their target price on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the stock an “outperform” rating in a report on Thursday, July 30th. JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from C$51.00 to C$58.00 in a research report on Tuesday, September 8th. Scotiabank boosted their price target on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a report on Thursday, July 30th. Finally, Raymond James Financial boosted their price target on shares of Cenovus Energy from C$51.00 to C$53.00 and gave the company an “outperform” rating in a report on Tuesday, October 6th. 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’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of C$46.75.

Cenovus Energy Stock Up 1.6%

The firm has a fifty day simple moving average of C$45.17 and a 200-day simple moving average of C$37.85. The company has a market capitalization of C$83.36 billion, a P/E ratio of 12.56, a P/E/G ratio of 0.09 and a beta of 0.28. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 34.01.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. The company had revenue of C$17.43 billion for the quarter. On average, equities research analysts expect that Cenovus Energy Inc. will post 2.26 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were given a $0.22 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $0.88 annualized dividend and a dividend yield of 1.9%. Cenovus Energy’s payout ratio is currently 22.78%.

Insider Buying and Selling

In other Cenovus Energy news, insider John F. Soini sold 26,223 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the sale, the insider directly owned 2,114 shares in the company, valued at approximately C$94,960.88. This trade represents a 92.54% decrease in their position. Also, Director Alex Pourbaix sold 30,186 shares of Cenovus Energy stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of C$42.17, for a total transaction of C$1,272,943.62. Following the completion of the transaction, the director directly owned 1,455,996 shares in the company, valued at approximately C$61,399,351.32. The trade was a 2.03% decrease in their position. In the last three months, insiders sold 601,524 shares of company stock valued at $25,546,211. 32.03% of the stock is owned by corporate insiders.

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.