Cenovus Energy (TSE:CVE) Insider John Soini Sells 26,223 Shares

Key Points

• Insider John Soini sold 26,223 Cenovus Energy shares at an average price of C$44.92, generating approximately C$1.18 million. His remaining stake fell 92.54% to 2,114 shares.
• Cenovus shares rose 0.6% to C$45.12, near their 12-month high of C$45.94. The company reported C$1.53 in quarterly EPS on C$17.43 billion in revenue.
• The company increased its quarterly dividend to $0.22 per share, or $0.88 annualized, for a 2.0% yield. Analysts maintain a consensus “Buy” rating, with an average target price of C$43.73.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE insider John Soini sold 26,223 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the sale, the insider owned 2,114 shares in the company, valued at approximately C$94,960.88. This trade represents a 92.54% decrease in their position.

Cenovus Energy Trading Up 0.6%

TSE CVE traded up C$0.26 during trading hours on Friday, hitting C$45.12. 1,597,069 shares of the company's stock were exchanged, compared to its average volume of 7,598,827. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63. The firm has a market capitalization of C$83.21 billion, a P/E ratio of 12.53, a price-to-earnings-growth ratio of 0.09 and a beta of 0.16. Cenovus Energy Inc. has a 12-month low of C$21.48 and a 12-month high of C$45.94. The business's 50 day moving average is C$39.02 and its 200-day moving average is C$36.60.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last announced its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. The company had revenue of C$17.43 billion during the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. As a group, analysts anticipate that Cenovus Energy Inc. will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.0%. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 15th. Cenovus Energy's dividend payout ratio is presently 22.78%.

Wall Street Analyst Weigh In

CVE has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their target price on shares of Cenovus Energy from C$45.00 to C$51.00 in a report on Thursday, July 30th. Raymond James Financial increased their price target on Cenovus Energy from C$41.00 to C$46.00 and gave the company an "outperform" rating in a report on Thursday, July 30th. TD boosted their price objective on Cenovus Energy from C$46.00 to C$49.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Gerdes Energy Research raised Cenovus Energy from a "neutral" rating to a "buy" rating and upped their target price for the stock from C$42.00 to C$46.00 in a research report on Monday, June 29th. Finally, Scotia increased their target price on Cenovus Energy from C$38.00 to C$44.00 and gave the company a "sector outperform" rating in a research note on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of C$43.73.

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.

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