Cenovus Energy (TSE:CVE) Shares Pass Above 200 Day Moving Average – Here’s What Happened

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE)’s stock price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$20.79 and traded as high as C$23.61. Cenovus Energy shares last traded at C$23.47, with a volume of 4,653,136 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CVE shares. Raymond James Financial upgraded Cenovus Energy from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the company from C$30.00 to C$32.00 in a report on Thursday, October 9th. Jefferies Financial Group lifted their price target on shares of Cenovus Energy from C$25.00 to C$29.00 and gave the company a “buy” rating in a research report on Tuesday, September 2nd. Scotiabank boosted their price target on shares of Cenovus Energy from C$27.00 to C$29.00 and gave the company an “outperform” rating in a research note on Tuesday, October 14th. National Bank Financial raised shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 22nd. Finally, National Bankshares reduced their price objective on shares of Cenovus Energy from C$29.00 to C$28.00 and set an “outperform” rating for the company in a report on Wednesday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of C$28.09.

Cenovus Energy Stock Down 1.8%

The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The stock has a market capitalization of C$41.04 billion, a PE ratio of 13.57, a P/E/G ratio of 0.09 and a beta of 0.41. The stock’s fifty day simple moving average is C$23.70 and its 200-day simple moving average is C$20.79.

Cenovus Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 29th were paid a $0.20 dividend. The ex-dividend date was Monday, September 15th. This represents a $0.80 annualized dividend and a yield of 3.4%. Cenovus Energy’s dividend payout ratio (DPR) is 43.93%.

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.