Cenovus Energy (TSE:CVE) Stock Crosses Below 200-Day Moving Average – Here’s What Happened

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$22.88 and traded as low as C$21.60. Cenovus Energy shares last traded at C$21.68, with a volume of 3,278,842 shares traded.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Jefferies Financial Group dropped their price objective on shares of Cenovus Energy from C$32.00 to C$30.00 in a report on Thursday, January 30th. Raymond James increased their target price on shares of Cenovus Energy from C$32.00 to C$33.00 in a report on Friday, December 13th. TD Securities lowered their price objective on shares of Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating for the company in a report on Friday, December 13th. BMO Capital Markets lowered their price objective on shares of Cenovus Energy from C$28.00 to C$25.00 in a report on Friday, December 13th. Finally, Royal Bank of Canada decreased their target price on shares of Cenovus Energy from C$28.00 to C$26.00 in a research note on Tuesday, January 14th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of C$30.33.

Cenovus Energy Price Performance

The stock has a market cap of C$40.57 billion, a price-to-earnings ratio of 10.98, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The stock’s 50 day moving average price is C$21.53 and its two-hundred day moving average price is C$22.81. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend was Friday, December 13th. Cenovus Energy’s payout ratio is 35.49%.

Insider Transactions at Cenovus Energy

In related news, insider Cenovus Energy Inc. acquired 44,700 shares of Cenovus Energy stock in a transaction dated Monday, December 2nd. The stock was acquired at an average price of C$22.07 per share, for a total transaction of C$986,658.63. Also, Senior Officer Jeffery George Lawson purchased 5,000 shares of Cenovus Energy stock in a transaction that occurred on Friday, December 27th. The stock was acquired at an average price of C$21.17 per share, with a total value of C$105,832.00. Over the last three months, insiders have acquired 54,800 shares of company stock valued at $1,203,070. 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.