Cenovus Energy (TSE:CVE) Insider Sells C$2,323,200.00 in Stock

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) insider Jonathan Michael Mckenzie sold 60,000 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of C$38.72, for a total transaction of C$2,323,200.00. Following the completion of the sale, the insider owned 1,212,836 shares in the company, valued at C$46,961,009.92. This represents a 4.71% decrease in their ownership of the stock.

Cenovus Energy Stock Performance

Shares of TSE:CVE opened at C$40.72 on Thursday. The company has a market capitalization of C$75.94 billion, a price-to-earnings ratio of 16.22, a P/E/G ratio of 0.09 and a beta of 0.23. The firm’s 50 day simple moving average is C$35.57 and its 200 day simple moving average is C$29.08. The company has a debt-to-equity ratio of 42.29, a current ratio of 1.57 and a quick ratio of 1.00. Cenovus Energy Inc. has a fifty-two week low of C$17.61 and a fifty-two week high of C$42.01.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Wednesday, May 6th. The company reported C$0.84 earnings per share for the quarter. The business had revenue of C$12.36 billion for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. As a group, sell-side analysts forecast that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current year.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 31st were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, March 13th. Cenovus Energy’s dividend payout ratio (DPR) is currently 31.87%.

Analysts Set New Price Targets

A number of research firms recently issued reports on CVE. Royal Bank Of Canada increased their target price on Cenovus Energy from C$42.00 to C$45.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. National Bank Financial increased their target price on Cenovus Energy from C$30.00 to C$57.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 31st. Veritas raised Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. Desjardins increased their target price on Cenovus Energy from C$33.00 to C$36.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Finally, Scotia increased their target price on Cenovus Energy from C$38.00 to C$44.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Cenovus Energy presently has an average rating of “Buy” and an average target price of C$39.64.

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.