Insider Buying: Cenovus Energy Inc. (TSE:CVE) Insider Acquires C$986,658.63 in Stock

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) insider Cenovus Energy Inc. bought 44,700 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was bought at an average price of C$22.07 per share, for a total transaction of C$986,658.63.

Cenovus Energy Trading Up 0.7 %

Shares of Cenovus Energy stock opened at C$22.24 on Monday. The company’s 50-day moving average price is C$21.85 and its 200-day moving average price is C$23.89. The company has a market cap of C$41.37 billion, a price-to-earnings ratio of 8.86, a PEG ratio of 0.09 and a beta of 2.63. Cenovus Energy Inc. has a 12-month low of C$19.82 and a 12-month high of C$29.96. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 33.34.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 31st were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.24%. The ex-dividend date of this dividend was Friday, December 13th. Cenovus Energy’s payout ratio is 28.69%.

Wall Street Analysts Forecast Growth

CVE has been the topic of several research analyst reports. Raymond James upped their price objective on Cenovus Energy from C$32.00 to C$33.00 in a research note on Friday, December 13th. TD Securities dropped their price target on Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. National Bankshares decreased their price objective on Cenovus Energy from C$31.00 to C$29.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. Royal Bank of Canada dropped their price objective on shares of Cenovus Energy from C$29.00 to C$28.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, BMO Capital Markets reduced their target price on shares of Cenovus Energy from C$28.00 to C$25.00 in a research note on Friday, December 13th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of C$30.89.

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.