Insider Selling: Cenovus Energy Inc. (TSE:CVE) Insider Sells 2,438,525 Shares of Stock

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of the firm’s stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of C$20.03, for a total transaction of C$48,849,820.34.

Hutchison Whampoa Europe Investments S.à r.l. also recently made the following trade(s):

• On Tuesday, June 10th, Hutchison Whampoa Europe Investments S.à r.l. sold 1,158,189 shares of Cenovus Energy stock. The shares were sold at an average price of C$19.16, for a total transaction of C$22,185,647.69.
• On Tuesday, May 13th, Hutchison Whampoa Europe Investments S.à r.l. sold 77,429 shares of Cenovus Energy stock. The shares were sold at an average price of C$19.60, for a total transaction of C$1,517,987.80.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at C$20.17 on Wednesday. The firm has a fifty day simple moving average of C$17.78 and a 200-day simple moving average of C$19.64. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. Cenovus Energy Inc. has a 1-year low of C$14.48 and a 1-year high of C$28.39. The stock has a market capitalization of C$36.74 billion, a price-to-earnings ratio of 9.94, a PEG ratio of 0.09 and a beta of 2.63.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 30th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.97%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.18. The ex-dividend date is Friday, June 13th. Cenovus Energy’s payout ratio is presently 35.49%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CVE shares. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. National Bank Financial lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. lowered their price objective on Cenovus Energy from C$34.00 to C$32.00 and set an “overweight” rating on the stock in a report on Friday, April 11th. National Bankshares lowered Cenovus Energy from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from C$28.00 to C$25.00 in a report on Friday, February 21st. Finally, Desjardins lowered their price objective on Cenovus Energy from C$24.50 to C$22.50 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of C$28.15.

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.