Cenovus Energy (TSE:CVE) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price increased by equities researchers at Royal Bank Of Canada from C$31.00 to C$32.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price would indicate a potential upside of 3.39% from the company’s current price.

CVE has been the topic of a number of other research reports. Morgan Stanley decreased their price target on shares of Cenovus Energy from C$31.00 to C$29.00 in a research note on Friday, January 23rd. Desjardins upped their price objective on Cenovus Energy from C$33.00 to C$33.50 and gave the company a “buy” rating in a report on Friday, December 12th. TD Securities lifted their target price on Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a report on Friday. The Goldman Sachs Group raised Cenovus Energy to a “strong-buy” rating in a report on Friday, January 2nd. Finally, JPMorgan Chase & Co. downgraded shares of Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price target for the company. in a report on Tuesday, January 20th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Cenovus Energy has an average rating of “Buy” and a consensus price target of C$31.50.

Cenovus Energy Stock Down 2.3%

CVE traded down C$0.73 on Friday, hitting C$30.95. 7,256,594 shares of the company were exchanged, compared to its average volume of 9,269,599. The stock’s fifty day moving average is C$25.47 and its 200-day moving average is C$24.23. The company has a market cap of C$58.38 billion, a PE ratio of 17.89, a PEG ratio of 0.09 and a beta of 0.65. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. Cenovus Energy has a 12 month low of C$14.48 and a 12 month high of C$32.04.

Insider Activity at Cenovus Energy

In related news, Director Michael John Crothers bought 2,000 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were bought at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the completion of the acquisition, the director directly owned 8,000 shares of the company’s stock, valued at C$193,840. This trade represents a 33.33% increase in their ownership of the stock. 32.03% of the stock is currently owned by company insiders.

About Cenovus Energy

Cenovus Energy is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 472 thousand barrels of oil equivalent per day in 2020, and the company estimates that it holds 6.7 billion boe of proven and probable reserves.