Cenovus Energy (NYSE:CVE) Stock Breaks Below 200-Day Moving Average – Here’s Why

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) crossed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $27.61 and traded as low as $27.51. Cenovus Energy shares last traded at $27.5490, with a volume of 13,407,719 shares trading hands.

Cenovus Energy News Roundup

Here are the key news stories impacting Cenovus Energy this week:

• Positive Sentiment: Third-quarter adjusted EPS beat expectations, and production reached a record 1.024 million barrels of oil equivalent per day. Cenovus also generated about C$5.0 billion in adjusted funds flow and C$3.6 billion in free funds flow. Reuters report on Cenovus third-quarter results
• Positive Sentiment: Management highlighted production growth, lower operating costs, refining gains and expansion projects, supporting the company’s growth outlook. Zacks earnings call highlights
• Positive Sentiment: Cenovus declared a quarterly dividend of C$0.22 per share, equivalent to C$0.88 annually. Cenovus third-quarter results and dividend announcement
• Negative Sentiment: Canadian crude discounts widened to their greatest level since 2018, a potential headwind to realized prices. Cenovus called the situation temporary and said it would not change production plans. Report on Canadian crude discounts

Analyst Ratings Changes

Several brokerages have recently issued reports on CVE. Scotiabank reaffirmed an “outperform” rating on shares of Cenovus Energy in a research report on Monday, October 19th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, August 27th. UBS Group cut Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Weiss Ratings upgraded Cenovus Energy from a “buy (b)” rating to a “buy (b+)” rating in a research note on Friday, October 23rd. Finally, Desjardins raised Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy has an average rating of “Buy” and an average price target of $39.00.

Cenovus Energy Price Performance

The stock’s 50-day moving average is $32.01 and its 200-day moving average is $27.61. The firm has a market cap of $50.04 billion, a P/E ratio of 8.13 and a beta of 0.38. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be paid a C$0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Tuesday, December 15th. Cenovus Energy’s dividend payout ratio (DPR) is presently 17.99%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CVE. Orion Capital Management LLC bought a new position in shares of Cenovus Energy during the 2nd quarter worth about $25,000. Versant Capital Management Inc grew its position in Cenovus Energy by 990.9% during the 3rd quarter. Versant Capital Management Inc now owns 1,080 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 981 shares during the last quarter. Gables Capital Management Inc. bought a new stake in shares of Cenovus Energy during the second quarter worth $35,000. GK Wealth Management LLC bought a new stake in Cenovus Energy during the 3rd quarter worth about $59,000. Finally, SBI Securities Co. Ltd. grew its stake in shares of Cenovus Energy by 149.8% during the third quarter. SBI Securities Co. Ltd. now owns 2,336 shares of the oil and gas company’s stock valued at $73,000 after purchasing an additional 1,401 shares during the last quarter. 51.19% of the stock is owned by institutional investors.

About Cenovus Energy

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas. Its upstream operations include oil sands projects in northern Alberta, as well as conventional oil and natural gas assets in Canada.

The company also operates oil sands upgraders, refineries, and related infrastructure. Through its downstream business, Cenovus produces and markets refined petroleum products, including gasoline, diesel, jet fuel, asphalt, and other products.