Cenovus Energy Inc. (TSE:CVE – Get Free Report) (NYSE:CVE)’s stock price crossed below its 200-day moving average during trading on Monday following insider selling activity. The stock has a 200-day moving average of C$19.58 and traded as low as C$19.09. Cenovus Energy shares last traded at C$19.12, with a volume of 14,026,329 shares trading hands.
Specifically, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of the company’s stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of C$20.28, for a total transaction of C$13,886,994.98.
Wall Street Analysts Forecast Growth
CVE has been the subject of several recent research reports. Veritas lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 14th. JPMorgan Chase & Co. dropped their price target 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. CIBC dropped their price target on shares of Cenovus Energy from C$32.00 to C$28.00 in a research report on Thursday, April 10th. Desjardins dropped their price target on shares of Cenovus Energy from C$24.50 to C$22.50 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Finally, Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of C$28.15.
Cenovus Energy Price Performance
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 capitalization of C$34.26 billion, a P/E ratio of 9.27, a PEG ratio of 0.09 and a beta of 2.63. The company’s 50 day simple moving average is C$18.15 and its two-hundred day simple moving average is C$19.57.
Cenovus Energy Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 30th will be paid a dividend of $0.20 per share. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a dividend yield of 4.25%. The ex-dividend date of this dividend is Friday, June 13th. Cenovus Energy’s dividend payout ratio is 35.49%.
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.
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