Cenovus Energy (TSE:CVE) Director Sells C$18,196,338.55 in Stock

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) Director Alex Pourbaix sold 432,731 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of C$42.05, for a total transaction of C$18,196,338.55. Following the completion of the sale, the director owned 1,455,996 shares of the company’s stock, valued at C$61,224,631.80. This trade represents a 22.91% decrease in their position.

Alex Pourbaix also recently made the following trade(s):

• On Wednesday, August 12th, Alex Pourbaix sold 30,186 shares of Cenovus Energy stock. The shares were sold at an average price of C$42.17, for a total transaction of C$1,272,943.62.

Cenovus Energy Stock Performance

TSE:CVE traded up C$0.43 during mid-day trading on Thursday, reaching C$42.54. The stock had a trading volume of 2,976,893 shares, compared to its average volume of 7,734,672. Cenovus Energy Inc. has a twelve month low of C$20.47 and a twelve month high of C$44.13. The business has a 50 day simple moving average of C$38.49 and a 200 day simple moving average of C$35.86. The firm has a market capitalization of C$78.45 billion, a price-to-earnings ratio of 11.82, a PEG ratio of 0.09 and a beta of 0.16. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. The firm had revenue of C$17.43 billion for the quarter. On average, analysts expect that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were issued a $0.22 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.1%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s payout ratio is currently 22.78%.

Wall Street Analyst Weigh In

A number of analysts have commented on CVE shares. Scotia boosted their target price on Cenovus Energy from C$38.00 to C$44.00 and gave the stock a “sector outperform” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. lifted their price target on Cenovus Energy from C$45.00 to C$51.00 in a research note on Thursday, July 30th. TD boosted their price objective on shares of Cenovus Energy from C$46.00 to C$49.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Desjardins set a C$50.00 price objective on shares of Cenovus Energy and gave the company a “buy” rating in a research note on Friday, July 17th. Finally, Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and raised their target price for the company from C$42.00 to C$46.00 in a report on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of C$43.73.

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.