Insider Buying: Cenovus Energy Inc. (TSE:CVE) Director Purchases 1,000 Shares of Stock

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) Director Michael John Crothers acquired 1,000 shares of the stock in a transaction on Friday, May 9th. The stock was bought at an average price of C$18.14 per share, with a total value of C$18,135.00.

Michael John Crothers also recently made the following trade(s):

• On Wednesday, March 5th, Michael John Crothers bought 450 shares of Cenovus Energy stock. The stock was purchased at an average cost of C$17.73 per share, for a total transaction of C$7,978.50.
• On Friday, February 21st, Michael John Crothers purchased 500 shares of Cenovus Energy stock. The shares were purchased at an average cost of C$20.78 per share, with a total value of C$10,390.00.

Cenovus Energy Price Performance

CVE opened at C$18.45 on Friday. 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 company has a market cap of C$33.61 billion, a price-to-earnings ratio of 9.09, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The stock has a fifty day simple moving average of C$17.74 and a two-hundred day simple moving average of C$20.32. Cenovus Energy Inc. has a 12-month low of C$14.48 and a 12-month high of C$28.82.

Cenovus Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 31st were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.72 dividend on an annualized basis and a yield of 3.90%. Cenovus Energy’s dividend payout ratio (DPR) is currently 35.49%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CVE shares. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Jefferies Financial Group lowered their price target on Cenovus Energy from C$32.00 to C$30.00 in a research report on Thursday, January 30th. JPMorgan Chase & Co. cut their price objective on Cenovus Energy from C$34.00 to C$32.00 and set an “overweight” rating on the stock in a research report on Friday, April 11th. TD Securities upped their target price on Cenovus Energy from C$25.00 to C$26.00 and gave the company a “buy” rating in a report on Friday. Finally, National Bankshares cut shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating and cut their price target for the company from C$28.00 to C$25.00 in a report on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$28.15.

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.