Cenovus Energy (TSE:CVE) Share Price Passes Below 200 Day Moving Average – What’s Next?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s share price crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$20.45 and traded as low as C$16.10. Cenovus Energy shares last traded at C$16.11, with a volume of 3,582,377 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Royal Bank of Canada decreased their price target on Cenovus Energy from C$28.00 to C$26.00 in a research note on Tuesday, January 14th. TD Securities lowered their target price on Cenovus Energy from C$29.00 to C$28.00 and set a “buy” rating on the stock in a report on Monday, February 24th. National Bankshares downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from C$28.00 to C$25.00 in a research note on Friday, February 21st. National Bank Financial cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. cut their target price on shares of Cenovus Energy from C$34.00 to C$32.00 and set an “overweight” rating for the company in a research report on Friday, April 11th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of C$28.35.

Cenovus Energy Stock Performance

The company’s fifty day moving average price is C$17.88 and its two-hundred day moving average price is C$20.45. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The firm has a market capitalization of C$29.35 billion, a PE ratio of 7.94, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 31st were issued a $0.18 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.47%. Cenovus Energy’s dividend payout ratio (DPR) is presently 35.49%.

Insider Activity

In other Cenovus Energy news, Senior Officer John F. Soini acquired 4,104 shares of the company’s stock in a transaction dated Tuesday, March 18th. The stock was bought at an average price of C$19.48 per share, with a total value of C$79,945.92. Also, Senior Officer Jeffery George Lawson bought 10,000 shares of Cenovus Energy stock in a transaction that occurred on Friday, February 21st. The shares were acquired at an average price of C$21.39 per share, for a total transaction of C$213,900.00. Insiders purchased 31,934 shares of company stock valued at $619,586 in the last ninety days. Company insiders own 32.03% of the company’s stock.

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.