Cenovus Energy (CVE) has notable insider buying

Cenovus Energy (T:CVE)

Cenovus Energy Inc. (CVE) has a high amount of executive buying compared to its large-cap peers over the past three months. Keith A.J. MacPhail, a Director, acquired 60,000 Common Shares on a direct ownership basis at a price of $6.480 through the public market on July 28th, 2020. This represents a $388,800 investment into the company's shares and an account share holdings change of 19.6%.

Cenovus Energy Inc is a Canada-based integrated oil and natural gas company. The Company's operations, include oil sands projects in northern Alberta and oil production in Alberta and British Columbia. The Company is owner of two projects that are producing oil, Christina Lake and Foster Creek. The oil sands projects use a drilling method called steam-assisted gravity drainage or SAGD for short. The SAGD process uses natural gas to heat water into steam, which helps The Company to extract the oil out of the oil sands. The company also holds interest in two United States refineries, Wood River located in Roxana Illinois and Borger located in Borger Texas.