Cenovus Energy (TSE:CVE) Stock Crosses Below 200 Day Moving Average – What’s Next?

Shares of Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$24.66 and traded as low as C$21.39. Cenovus Energy shares last traded at C$21.49, with a volume of 8,658,214 shares trading hands.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CVE shares. BMO Capital Markets cut their price objective on shares of Cenovus Energy from C$31.00 to C$28.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. National Bankshares cut their price target on Cenovus Energy from C$38.00 to C$31.00 in a research report on Friday, September 27th. TD Securities raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 3rd. Jefferies Financial Group dropped their target price on Cenovus Energy from C$36.00 to C$33.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Finally, Raymond James decreased their price target on Cenovus Energy from C$33.00 to C$32.00 in a report on Tuesday, October 15th. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of C$31.90.

Cenovus Energy Trading Down 1.0 %

The firm has a market capitalization of C$39.97 billion, a price-to-earnings ratio of 8.56, a P/E/G ratio of 0.09 and a beta of 2.63. The company has a debt-to-equity ratio of 33.34, a quick ratio of 1.00 and a current ratio of 1.66. The company has a 50 day moving average price of C$22.74 and a two-hundred day moving average price of C$24.66.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 31st will be given a $0.18 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.72 annualized dividend and a dividend yield of 3.35%. Cenovus Energy’s dividend payout ratio (DPR) is 28.69%.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, Senior Officer Geoffrey Murray bought 3,200 shares of Cenovus Energy stock in a transaction dated Tuesday, September 17th. The stock was acquired at an average cost of C$22.54 per share, for a total transaction of C$72,112.00. Also, Senior Officer Jeffery George Lawson purchased 4,000 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were acquired at an average price of C$22.50 per share, for a total transaction of C$90,000.00. Insiders purchased 7,700 shares of company stock valued at $173,232 over the last 90 days. Corporate insiders own 32.03% of the company’s stock.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.