Insider Buying: Cenovus Energy (TSE:CVE) Director Purchases C$38,890.00 in Stock

Key Points

• Director Michael John Crothers purchased 1,000 Cenovus shares at C$38.89 each, spending C$38,890. The purchase increased his holdings to 10,000 shares, an 11.11% rise.
• Cenovus reported quarterly earnings of C$1.83 per share on C$15.98 billion in revenue, with a 15.42% net margin.
• Analysts maintain a consensus Buy rating and a C$47.12 price target; the company also pays an annualized dividend of C$0.88 per share, a 2.3% yield.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE Director Michael John Crothers bought 1,000 shares of the firm's stock in a transaction on Friday, November 6th. The stock was acquired at an average price of C$38.89 per share, for a total transaction of C$38,890.00. Following the transaction, the director owned 10,000 shares of the company's stock, valued at approximately C$388,900. The trade was a 11.11% increase in their ownership of the stock.

Cenovus Energy Price Performance

TSE:CVE traded up C$0.13 on Friday, hitting C$38.89. The company had a trading volume of 4,254,170 shares, compared to its average volume of 7,180,731. The stock has a market capitalization of C$71.72 billion, a price-to-earnings ratio of 10.80, a PEG ratio of 0.09 and a beta of 0.16. The company has a current ratio of 1.64, a quick ratio of 1.00 and a debt-to-equity ratio of 8.52. The firm has a 50 day moving average of C$44.95 and a two-hundred day moving average of C$38.39. Cenovus Energy Inc. has a 52 week low of C$21.62 and a 52 week high of C$47.46.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last announced its quarterly earnings results on Wednesday, November 4th. The company reported C$1.83 earnings per share (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 during the quarter. On average, research analysts anticipate that Cenovus Energy Inc. will post 2.26 earnings per share for the current year.

Cenovus Energy Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms recently commented on CVE. ATB Cormark Capital Markets lifted their target price on shares of Cenovus Energy from C$49.00 to C$55.00 and gave the stock an "outperform" rating in a research report on Thursday, October 22nd. TD upped their price target on shares of Cenovus Energy from C$55.00 to C$56.00 and gave the company a "buy" rating in a research report on Thursday. Canadian Imperial Bank of Commerce raised their price target on shares of Cenovus Energy from C$48.00 to C$52.00 in a research note on Thursday, August 27th. Raymond James Financial lifted their price target on shares of Cenovus Energy from C$51.00 to C$53.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, UBS Group cut shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of C$47.12.

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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