Insider Buying: Cenovus Energy (TSE:CVE) Director Buys 1,000 Shares of Company Stock

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) Director Michael John Crothers purchased 1,000 shares of the stock in a transaction on Friday, November 6th. The shares were purchased at an average price of C$38.89 per share, with a total value of C$38,890.00. Following the acquisition, the director owned 10,000 shares in the company, valued at approximately C$388,900. The trade was a 11.11% increase in their position.

Cenovus Energy Trading Up 0.3%

Shares of TSE CVE traded up C$0.13 during midday trading on Friday, reaching C$38.89. The stock had a trading volume of 4,254,170 shares, compared to its average volume of 7,180,731. The firm has a market cap of C$71.72 billion, a price-to-earnings ratio of 10.80, a price-to-earnings-growth ratio of 0.09 and a beta of 0.16. Cenovus Energy Inc. has a twelve month low of C$21.62 and a twelve month high of C$47.46. The company has a debt-to-equity ratio of 8.52, a quick ratio of 1.00 and a current ratio of 1.64. The company’s 50 day moving average price is C$44.95 and its 200 day moving average price is C$38.39.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings data on Wednesday, November 4th. The company reported C$1.83 EPS for the quarter. Cenovus Energy had a net margin of 15.42% and a return on equity of 26.15%. The company had revenue of C$15.98 billion for the quarter. As a group, sell-side analysts expect that Cenovus Energy Inc. will post 2.26 EPS for the current year.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were issued a $0.22 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $0.88 annualized dividend and a yield of 2.3%. Cenovus Energy’s payout ratio is presently 22.78%.

Wall Street Analyst Weigh In

CVE has been the topic of a number of research analyst reports. Canadian Imperial Bank of Commerce upped their price target on shares of Cenovus Energy from C$48.00 to C$52.00 in a research report on Thursday, August 27th. JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from C$51.00 to C$58.00 in a research report on Tuesday, September 8th. National Bank Financial boosted their price objective on Cenovus Energy from C$57.00 to C$58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 20th. TD upped their target price on Cenovus Energy from C$55.00 to C$56.00 and gave the company a “buy” rating in a research report on Thursday. Finally, ATB Cormark Capital Markets upped their target price on Cenovus Energy from C$49.00 to C$55.00 and gave the company an “outperform” rating in a research report on Thursday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Cenovus Energy has an average rating of “Buy” and an average target price of C$47.12.

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.