Insider Selling: Cenovus Energy (TSE:CVE) Insider Sells 60,000 Shares of Stock

Key Points

• Cenovus Energy insider Jonathan Michael Mckenzie sold 60,000 shares on May 7 at an average price of C$38.72, totaling about C$2.32 million. After the sale, he still held 1,212,836 shares.
• The stock was trading around C$39.78, near its 12-month high of C$42.01, with analysts broadly positive on the shares. MarketBeat reports an average rating of “Buy” and a consensus price target of C$39.64.
• Cenovus recently reported Q1 earnings of C$0.84 per share on revenue of C$12.36 billion and continues to pay a quarterly dividend of C$0.20 per share, equal to a 2.0% annualized yield.

Cenovus Energy Inc. (TSE:CVE - Get Free Report) NYSE: CVE insider Jonathan Michael Mckenzie sold 60,000 shares of the firm's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of C$38.72, for a total transaction of C$2,323,200.00. Following the transaction, the insider directly owned 1,212,836 shares in the company, valued at C$46,961,009.92. The trade was a 4.71% decrease in their ownership of the stock.

Cenovus Energy Stock Performance

TSE CVE traded up C$0.94 during trading on Monday, reaching C$39.78. The company's stock had a trading volume of 3,368,531 shares, compared to its average volume of 9,230,252. The business's fifty day moving average price is C$34.79 and its 200-day moving average price is C$28.62. Cenovus Energy Inc. has a twelve month low of C$17.61 and a twelve month high of C$42.01. The company has a debt-to-equity ratio of 42.29, a quick ratio of 1.00 and a current ratio of 1.57. The firm has a market cap of C$74.18 billion, a price-to-earnings ratio of 15.85, a P/E/G ratio of 0.09 and a beta of 0.23.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last released its quarterly earnings results on Wednesday, May 6th. The company reported C$0.84 earnings per share (EPS) for the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%.The firm had revenue of C$12.36 billion for the quarter. As a group, analysts anticipate that Cenovus Energy Inc. will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 31st were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was Friday, March 13th. Cenovus Energy's dividend payout ratio (DPR) is 31.87%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CVE shares. National Bank Financial raised their target price on shares of Cenovus Energy from C$30.00 to C$57.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 31st. Jefferies Financial Group raised their price objective on shares of Cenovus Energy from C$30.00 to C$37.00 in a research report on Monday, March 16th. Royal Bank Of Canada lifted their price objective on Cenovus Energy from C$42.00 to C$45.00 and gave the company an "outperform" rating in a report on Thursday. JPMorgan Chase & Co. increased their target price on Cenovus Energy from C$25.00 to C$41.00 in a research note on Tuesday, April 14th. Finally, TD Securities raised their price target on Cenovus Energy from C$28.00 to C$35.00 and gave the company a "buy" rating in a report on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of C$39.64.

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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