Insider Buying: Cenovus Energy Inc (TSE:CVE) Director Purchases C$388,800.00 in Stock

Cenovus Energy Inc (TSE:CVE) (NYSE:CVE) Director Keith A.J. Macphail purchased 60,000 shares of the stock in a transaction dated Tuesday, July 28th. The shares were acquired at an average cost of C$6.48 per share, with a total value of C$388,800.00. Following the acquisition, the director now directly owns 366,000 shares in the company, valued at approximately C$2,371,680.

Shares of Cenovus Energy stock opened at C$6.17 on Friday. The stock’s 50-day moving average is C$6.34 and its 200 day moving average is C$7.08. Cenovus Energy Inc has a one year low of C$2.06 and a one year high of C$14.31. The company has a debt-to-equity ratio of 59.19, a current ratio of 1.23 and a quick ratio of 0.72. The firm has a market cap of $7.89 billion and a price-to-earnings ratio of -4.37.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings results on Wednesday, April 29th. The company reported C($0.97) earnings per share for the quarter, missing analysts’ consensus estimates of C($0.28) by C($0.69). The company had revenue of C$4.02 billion during the quarter, compared to analyst estimates of C$4.55 billion. On average, sell-side analysts expect that Cenovus Energy Inc will post -0.4 EPS for the current fiscal year.

CVE has been the subject of a number of recent research reports. TD Securities upped their target price on Cenovus Energy from C$7.50 to C$8.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Raymond James upped their target price on Cenovus Energy from C$7.00 to C$8.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. CIBC lowered their target price on Cenovus Energy from C$8.00 to C$6.00 in a report on Wednesday, April 22nd. CSFB lowered their target price on Cenovus Energy from C$9.00 to C$6.50 in a report on Thursday, April 2nd. Finally, Goldman Sachs Group upped their price target on Cenovus Energy from C$5.50 to C$6.50 and gave the company a “buy” rating in a research report on Friday, June 12th. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of C$7.16.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as other projects in the early stages of development, such as Telephone Lake.

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