Cenovus Energy Inc. (TSE:CVE) Director Alex Pourbaix Sells 300,000 Shares

Cenovus Energy Inc. (TSE:CVE – Get Rating) (NYSE:CVE) Director Alex Pourbaix sold 300,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 24th. The shares were sold at an average price of C$27.45, for a total transaction of C$8,234,490.00. Following the completion of the transaction, the director now directly owns 955,900 shares of the company’s stock, valued at approximately C$26,237,829.97.

Shares of TSE CVE traded up C$0.43 on Friday, reaching C$28.61. 2,537,952 shares of the company traded hands, compared to its average volume of 8,472,971. The company has a 50 day moving average of C$23.29 and a 200 day moving average of C$19.56. The stock has a market capitalization of C$56.70 billion and a PE ratio of 29.84. Cenovus Energy Inc. has a fifty-two week low of C$9.23 and a fifty-two week high of C$28.74. The company has a current ratio of 1.60, a quick ratio of 1.03 and a debt-to-equity ratio of 59.74.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Wednesday, June 15th will be given a dividend of $0.105 per share. This represents a $0.42 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend is Tuesday, June 14th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s dividend payout ratio is 10.96%.

CVE has been the subject of a number of recent research reports. National Bankshares decreased their price target on shares of Cenovus Energy from C$35.00 to C$28.00 in a research note on Thursday, April 14th. Scotiabank lifted their target price on shares of Cenovus Energy from C$20.00 to C$24.00 in a report on Tuesday, March 8th. Tudor Pickering reiterated a “buy” rating and issued a C$22.00 price objective on shares of Cenovus Energy in a research report on Tuesday, February 8th. CSFB lifted their price objective on shares of Cenovus Energy from C$28.00 to C$32.00 in a research report on Monday, May 9th. Finally, Royal Bank of Canada lifted their price objective on shares of Cenovus Energy from C$27.00 to C$28.00 and gave the company an “outperform” rating in a research report on Thursday, April 28th. Fifteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Cenovus Energy has an average rating of “Buy” and an average price target of C$24.33.

About Cenovus Energy (Get Rating)

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada, the United States, and the Asia Pacific region. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, U.S. Manufacturing, and Retail segments.

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