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

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

Cenovus Energy Stock Performance

TSE:CVE opened at C$38.74 on Monday. The firm has a market cap of C$70.02 billion, a P/E ratio of 10.76, 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 32.76. The stock’s 50 day simple moving average is C$44.84 and its 200-day simple moving average is C$38.46. Cenovus Energy Inc. has a 12-month low of C$21.62 and a 12-month high of C$47.46.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings results on Wednesday, November 4th. The company reported C$1.83 EPS for the quarter. Cenovus Energy had a return on equity of 26.15% and a net margin of 15.42%. The business had revenue of C$15.98 billion during the quarter. Equities analysts anticipate that Cenovus Energy Inc. will post 2.26 EPS for the current year.

Cenovus Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th were given a dividend of $0.22 per share. The ex-dividend date was Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.3%. Cenovus Energy’s dividend payout ratio is presently 23.33%.

Wall Street Analysts Forecast Growth

CVE has been the topic of several analyst reports. UBS Group downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 2nd. National Bank Financial boosted their price target on shares of Cenovus Energy from C$57.00 to C$58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 20th. TD increased their price target on shares of Cenovus Energy from C$55.00 to C$56.00 and gave the stock a “buy” rating in a report on Thursday. Desjardins raised their price objective on shares of Cenovus Energy from C$52.00 to C$53.00 and gave the company a “buy” rating in a research report on Tuesday, October 20th. Finally, Canadian Imperial Bank of Commerce raised their price objective on shares of Cenovus Energy from C$48.00 to C$52.00 in a research report on Thursday, August 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Cenovus Energy has an average rating of “Buy” and an average price target of C$47.12.

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.