Year-to-date, Cenovus Energy Inc. is up about 30 per cent, well ahead of the S&P/TSX Energy Index, which has risen about 15 per cent.
Meanwhile, in an encouraging sign, insiders have been buying into the stock’s relative price strength.
From Feb. 15 to April 26, executive vice-president and chief financial officer Jonathan McKenzie along with four directors acquired a total of 131,700 common shares at an average price of $11.86. The most recent of these purchases was on April 26 when director Keith MacPhail acquired 14,000 shares at $13.46. Chief executive officer Alex Pourbaix bought 108,000 shares in December.
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.
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Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.
Ted Dixon