Cenovus Energy (TSE:CVE) Insider Jonathan Michael Mckenzie Sells 104,974 Shares

Key Points

• Insider Jonathan Michael Mckenzie sold 104,974 Cenovus Energy shares at an average C$43.49, generating approximately C$4.57 million and reducing his ownership by 11.06% to 843,824 shares.
• Cenovus shares recently traded at C$44.50, near their 12-month high of C$44.53, after reporting quarterly earnings of C$1.53 per share and revenue of C$17.43 billion.
• The company increased its quarterly dividend to C$0.22 per share, while analysts largely maintained bullish views, with a consensus “Buy” rating and several price targets raised to C$51.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE insider Jonathan Michael Mckenzie sold 104,974 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the completion of the sale, the insider owned 843,824 shares of the company's stock, valued at C$36,697,905.76. This trade represents a 11.06% decrease in their ownership of the stock.

Jonathan Michael Mckenzie also recently made the following trade(s):

• On Wednesday, May 27th, Jonathan Michael Mckenzie sold 69,387 shares of Cenovus Energy stock. The shares were sold at an average price of C$39.51, for a total value of C$2,741,480.37.

Cenovus Energy Price Performance

Shares of CVE stock traded up C$1.39 during trading hours on Monday, reaching C$44.50. The company had a trading volume of 2,854,564 shares, compared to its average volume of 7,691,538. Cenovus Energy Inc. has a 12-month low of C$20.47 and a 12-month high of C$44.53. 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 company has a market capitalization of C$82.07 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 0.09 and a beta of 0.16. The stock has a fifty day moving average of C$38.59 and a 200-day moving average of C$36.10.

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

Cenovus Energy Increases Dividend

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

Analysts Set New Price Targets

A number of equities analysts have commented on CVE shares. Scotiabank lifted their target price on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the stock a "sector outperform" rating in a research note on Thursday, July 30th. Royal Bank Of Canada raised their price target on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the stock an "outperform" rating in a report on Thursday, July 30th. JPMorgan Chase & Co. lifted their price target on shares of Cenovus Energy from C$45.00 to C$51.00 in a research report on Thursday, July 30th. Gerdes Energy Research upgraded Cenovus Energy from a "neutral" rating to a "buy" rating and upped their price objective for the company from C$42.00 to C$46.00 in a report on Monday, June 29th. Finally, Desjardins set a C$50.00 price objective on Cenovus Energy and gave the stock a "buy" rating in a research report on Friday, July 17th. Two investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of C$43.73.

About Cenovus Energy

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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