Cenovus Energy (TSE:CVE) Given a C$38.00 Price Target by Scotia Analysts

Cenovus Energy (TSE:CVE) (NYSE:CVE) has been assigned a C$38.00 price target by equities researchers at Scotia in a note issued to investors on Tuesday,BayStreet.CA reports. The firm currently has a “sector outperform” rating on the stock. Scotia’s target price indicates a potential upside of 8.76% from the company’s previous close.

A number of other brokerages have also weighed in on CVE. Gerdes Energy Research lowered Cenovus Energy from a “buy” rating to a “neutral” rating in a research report on Friday, March 20th. JPMorgan Chase & Co. upped their target price on Cenovus Energy from C$25.00 to C$41.00 in a research report on Tuesday, April 14th. BMO Capital Markets lowered their target price on Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating on the stock in a research report on Friday, February 20th. Jefferies Financial Group upped their target price on Cenovus Energy from C$30.00 to C$37.00 in a research report on Monday, March 16th. Finally, Scotiabank upped their target price on Cenovus Energy from C$30.00 to C$34.00 and gave the stock an “outperform” rating in a research report on Friday, February 20th. Three research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Cenovus Energy currently has an average rating of “Buy” and an average target price of C$39.00.

Cenovus Energy Stock Up 2.7%

TSE:CVE traded up C$0.92 on Tuesday, hitting C$34.94. The stock had a trading volume of 2,623,872 shares, compared to its average volume of 9,698,916. The business’s fifty day moving average is C$33.11 and its 200 day moving average is C$27.57. The company has a market cap of C$65.67 billion, a PE ratio of 16.25, a P/E/G ratio of 0.09 and a beta of 0.07. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 53.80. Cenovus Energy has a 52 week low of C$16.02 and a 52 week high of C$38.50.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its earnings results on Thursday, February 19th. The company reported C$0.50 earnings per share for the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%.The company had revenue of C$10.88 billion for the quarter. On average, equities research analysts expect that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insider Buying and Selling at Cenovus Energy

In other news, insider John F. Soini sold 10,275 shares of the firm’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total value of C$360,960.75. Following the transaction, the insider owned 2,114 shares in the company, valued at C$74,264.82. This trade represents a 82.94% decrease in their ownership of the stock. 32.03% of the stock is owned by corporate insiders.

Cenovus Energy Company Profile

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.