Insider Buying: Cenovus Energy Inc. Senior Officer Acquires 5,000 Shares

Cenovus Energy Inc. (TSE:CVE) continues to attract attention, especially with recent insider trading activities. Senior Officer Karamjit Singh Sandhar made headlines by purchasing 5,000 shares of the company's stock on Wednesday, February 26th. The shares were bought at an average price of C$20.05 each, which totals C$100,250.00 for this transaction.

Cenovus Energy Stock Performance

After the news of the insider purchase, Cenovus Energy shares experienced a slight decline, dropping by 1.0% to reach C$19.93. On that trading day, 2,658,473 shares exchanged hands, which is lower than the average trading volume of 4,913,960 shares. The company boasts a market capitalization of C$36.30 billion and has a price-to-earnings ratio of 9.82. In financial terms, it has a quick ratio of 1.00, a current ratio of 1.59, and a debt-to-equity ratio of 33.59. Over the past year, the stock has varied, hitting a low of C$19.80 and a high of C$29.96, with its fifty-day simple moving average at C$21.48, and its two-hundred day simple moving average at C$22.67.

Dividend Information

In addition to the recent insider buying news, Cenovus Energy also announced a quarterly dividend, which was distributed on Tuesday, December 31st. Shareholders who held stocks as of that date received a dividend of $0.18 per share, following an ex-dividend date of December 13th. This translates to an annualized dividend of $0.72 and a yield of approximately 3.61%. Currently, the dividend payout ratio is 35.49%.

Analyst Ratings and Price Targets

Market analysts have been active in re-evaluating their ratings for Cenovus Energy. National Bank Financial downgraded its recommendation from a "strong-buy" to a "hold" on February 20th. TD Securities also adjusted their price target from C$29.00 to C$28.00 while maintaining a "buy" rating. Other analysts, such as Bank of Nova Scotia and BMO Capital Markets, have adjusted their target prices, highlighting varied sentiments in the market. Currently, two research analysts suggest holding the stock, while seven suggest a buy. According to MarketBeat.com, the average consensus rating rests at "Moderate Buy" with a target price of C$29.89.

About Cenovus Energy

Cenovus Energy is an integrated oil company headquartered in Canada, which primarily focuses on the development of its oil sands assets. Beyond oil sands, the company is involved in producing conventional crude oil, natural gas liquids, and natural gas, especially within Alberta. Cenovus has been operating with an average net upstream production of 472 thousand barrels of oil equivalent per day and holds an estimated 6.7 billion barrels of oil equivalent (boe) in proven and probable reserves.

Cenovus, Shares, Stock, Investment, Dividends