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Since we last highlighted Cenovus Energy Inc. CVE-T in early October, the stock has soared more than 90 per cent, and insiders have been net sellers of $19.7-million worth of stock in the public market after deducting options exercise costs. Not all the newly acquired shares via options were sold and there was some insider public market buying. Consequently, over the period insider holdings increased by 360,065 shares. In particular, chairman Keith MacPhail bought 45,000 shares in the market at prices ranging from $23.54 to $23.98 in the first week of May.

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Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at www.inkresearch.com. Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.

Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.

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