Jonathan Michael Mckenzie Sells 60,000 Shares of Cenovus Energy (TSE:CVE) Stock

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) insider Jonathan Michael Mckenzie sold 60,000 shares of the firm’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of C$38.72, for a total value of C$2,323,200.00. Following the sale, the insider directly owned 1,212,836 shares in the company, valued at approximately C$46,961,009.92. This represents a 4.71% decrease in their ownership of the stock.

Cenovus Energy Price Performance

TSE:CVE opened at C$41.09 on Wednesday. The stock has a market cap of C$76.63 billion, a PE ratio of 16.37, a P/E/G ratio of 0.09 and a beta of 0.23. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 42.29. Cenovus Energy Inc. has a 52 week low of C$17.61 and a 52 week high of C$42.01. The business’s 50-day simple moving average is C$35.38 and its two-hundred day simple moving average is C$28.97.

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

Cenovus Energy Announces Dividend

The firm also recently declared 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 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, March 13th. Cenovus Energy’s payout ratio is currently 31.87%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CVE. Desjardins boosted their price target on shares of Cenovus Energy from C$33.00 to C$36.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. UBS Group boosted their price objective on Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. Gerdes Energy Research cut Cenovus Energy from a “buy” rating to a “neutral” rating in a research note on Friday, March 20th. Raymond James Financial cut Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and boosted their price objective for the stock from C$41.00 to C$42.00 in a research note on Wednesday, May 6th. Finally, Royal Bank Of Canada boosted their price objective on Cenovus Energy from C$42.00 to C$45.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus 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.