Cenovus Energy (TSE:CVE) Director Sells 432,731 Shares

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

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 value of C$1,272,943.62.

Cenovus Energy Price Performance

Shares of TSE:CVE traded up C$0.43 during midday trading on Thursday, hitting C$42.54. The company 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 stock has a market cap of C$78.45 billion, a price-to-earnings ratio of 11.82, a price-to-earnings-growth ratio of 0.09 and a beta of 0.16. The company has a debt-to-equity ratio of 34.01, a current ratio of 1.63 and a quick ratio of 1.00. The business’s 50-day simple moving average is C$38.49 and its 200-day simple moving average is C$35.86.

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

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.22 per share. 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 22.78%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CVE shares. Raymond James Financial lifted their price objective on shares of Cenovus Energy from C$41.00 to C$46.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and increased their target price for the stock from C$42.00 to C$46.00 in a report on Monday, June 29th. Scotiabank raised their price target on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. boosted their price target on shares of Cenovus Energy from C$45.00 to C$51.00 in a research note on Thursday, July 30th. Finally, Scotia upped their price objective 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. Two investment 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of C$43.73.

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.