Michael John Crothers Purchases 2,000 Shares of Cenovus Energy (TSE:CVE) Stock

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) Director Michael John Crothers purchased 2,000 shares of Cenovus Energy stock in a transaction on Monday, December 15th. The stock was bought at an average price of C$24.23 per share, with a total value of C$48,460.00. Following the transaction, the director owned 8,000 shares of the company’s stock, valued at approximately C$193,840. This represents a 33.33% increase in their ownership of the stock.

Cenovus Energy Stock Performance

Shares of CVE stock traded down C$0.60 during trading hours on Monday, reaching C$24.23. 6,672,744 shares of the company traded hands, compared to its average volume of 8,488,197. Cenovus Energy Inc. has a 12-month low of C$14.48 and a 12-month high of C$26.36. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The company has a market cap of C$45.71 billion, a P/E ratio of 14.01, a P/E/G ratio of 0.09 and a beta of 0.47. The firm has a 50-day moving average price of C$24.53 and a 200 day moving average price of C$22.21.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its earnings results on Friday, October 31st. The company reported C$0.72 earnings per share (EPS) for the quarter. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.67%. The company had revenue of C$13.20 billion during the quarter. As a group, sell-side analysts predict that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 31st will be paid a dividend of $0.20 per share. The ex-dividend date is Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.3%. Cenovus Energy’s payout ratio is 43.93%.

Wall Street Analysts Forecast Growth

CVE has been the subject of a number of analyst reports. Royal Bank Of Canada increased their price target on Cenovus Energy from C$30.00 to C$32.00 in a research note on Monday, November 17th. National Bankshares lowered their price target on Cenovus Energy from C$29.00 to C$28.00 and set an “outperform” rating on the stock in a report on Wednesday, October 22nd. Morgan Stanley increased their price objective on shares of Cenovus Energy from C$26.00 to C$31.00 in a report on Thursday, November 20th. Desjardins lifted their price objective on shares of Cenovus Energy from C$33.00 to C$33.50 and gave the company a “buy” rating in a research report on Friday. Finally, Scotiabank boosted their target price on shares of Cenovus Energy from C$27.00 to C$29.00 and gave the stock an “outperform” rating in a report on Tuesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of C$29.59.

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.