Insider Selling: Cenovus Energy (TSE:CVE) Insider Sells 10,275 Shares of Stock

Key Points

• Insider sale: Director John Soini sold 10,275 shares on March 25 at an average price of C$35.13 for C$360,960.75 total, cutting his stake by 82.94% to 2,114 shares.
• Dividend announced: Cenovus declared a quarterly dividend of $0.20 per share payable March 31 (annualized $0.80, yield ~2.2%, payout ratio 36.28%).
• Analyst view: The consensus rating is a Buy with an average price target of C$32.67, supported by several recent upgrades and target increases.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE insider John Soini sold 10,275 shares of the firm's stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total transaction of C$360,960.75. Following the completion of the transaction, the insider directly owned 2,114 shares in the company, valued at C$74,264.82. This represents a 82.94% decrease in their position.

Cenovus Energy Stock Performance

Shares of TSE:CVE traded up C$0.76 during trading on Wednesday, hitting C$35.78. 5,047,465 shares of the company traded hands, compared to its average volume of 10,058,340. The stock has a market capitalization of C$67.24 billion, a price-to-earnings ratio of 16.64, a PEG ratio of 0.09 and a beta of 0.63. The business's fifty day moving average is C$29.43 and its 200-day moving average is C$25.92. Cenovus Energy Inc. has a one year low of C$14.48 and a one year high of C$35.85. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 53.80.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last announced its quarterly earnings results on Thursday, February 19th. The company reported C$0.50 earnings per share for the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%.The business had revenue of C$10.88 billion for the quarter. As a group, equities analysts predict that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st will be given a $0.20 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.80 annualized dividend and a yield of 2.2%. Cenovus Energy's dividend payout ratio (DPR) is currently 36.28%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CVE. Veritas raised shares of Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a report on Tuesday, March 10th. Scotiabank increased their price objective on shares of Cenovus Energy from C$30.00 to C$34.00 and gave the stock an "outperform" rating in a report on Friday, February 20th. Desjardins boosted their target price on shares of Cenovus Energy from C$33.00 to C$36.00 and gave the company a "buy" rating in a research note on Friday, February 20th. BMO Capital Markets decreased their target price on shares of Cenovus Energy from C$38.00 to C$35.00 and set an "outperform" rating for the company in a research report on Friday, February 20th. Finally, Jefferies Financial Group upped their target price on shares of Cenovus Energy from C$30.00 to C$37.00 in a research report on Monday, March 16th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of C$32.67.

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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