Cenovus Energy (TSE:CVE) Shares Pass Below 200 Day Moving Average – Time to Sell?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s stock price crossed below its two hundred day moving average during trading on Monday . The stock has a two hundred 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

Several research analysts recently weighed in on CVE shares. BMO Capital Markets decreased their target price on Cenovus Energy from C$28.00 to C$25.00 in a research note on Friday, December 13th. National Bankshares dropped their target price on Cenovus Energy from C$29.00 to C$28.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Raymond James upped their target price on Cenovus Energy from C$32.00 to C$33.00 in a research report on Friday, December 13th. TD Securities lowered their price objective on Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Finally, Jefferies Financial Group lowered their target price on Cenovus Energy from C$32.00 to C$30.00 in a report on Thursday, January 30th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of C$30.33.

Cenovus Energy Trading Up 1.6 %

The business has a 50-day simple moving average of C$21.53 and a two-hundred day simple moving average of C$22.81. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The stock has a market cap of C$40.57 billion, a price-to-earnings ratio of 10.98, a P/E/G 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 Tuesday, December 31st. Investors of record on Tuesday, December 31st were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend was Friday, December 13th. Cenovus Energy’s dividend payout ratio is currently 35.49%.

Insider Activity

In other news, Senior Officer Jeffery George Lawson bought 5,000 shares of the company’s stock in a transaction on Friday, December 27th. The shares were purchased at an average price of C$21.17 per share, with a total value of C$105,832.00. Also, insider Cenovus Energy Inc. bought 44,700 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were purchased at an average cost of C$22.07 per share, for a total transaction of C$986,658.63. In the last ninety days, insiders bought 54,800 shares of company stock worth $1,203,070. 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.