Canadian Imperial Bank of Commerce Issues Positive Forecast for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price lifted by stock analysts at Canadian Imperial Bank of Commerce from C$48.00 to C$52.00 in a report issued on Thursday,BayStreet.CA reports. Canadian Imperial Bank of Commerce’s price objective points to a potential upside of 18.13% from the stock’s previous close.

Several other research firms have also issued reports on CVE. Scotia raised their price target on Cenovus Energy from C$38.00 to C$44.00 and gave the stock a “sector outperform” rating in a research report on Thursday, May 7th. National Bank Financial set a C$60.00 price objective on Cenovus Energy and gave the company an “outperform” rating in a report on Tuesday. Gerdes Energy Research upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and raised their target price for the stock from C$42.00 to C$46.00 in a report on Monday, June 29th. Scotiabank boosted their target price on Cenovus Energy from C$49.00 to C$51.00 and gave the stock a “sector outperform” rating in a research report on Thursday, July 30th. Finally, Royal Bank Of Canada increased their price target on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Cenovus Energy has an average rating of “Buy” and a consensus price target of C$44.44.

Cenovus Energy Trading Up 0.8%

Cenovus Energy stock traded up C$0.35 during trading hours on Thursday, reaching C$44.02. 2,279,583 shares of the company’s stock traded hands, compared to its average volume of 7,578,764. The firm has a market capitalization of C$81.18 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 0.09 and a beta of 0.16. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63. Cenovus Energy has a fifty-two week low of C$21.62 and a fifty-two week high of C$45.94. The firm’s 50 day moving average is C$39.55 and its 200-day moving average is C$37.08.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. The company had revenue of C$17.43 billion during the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. On average, analysts predict that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Insider Buying and Selling

In related news, insider John F. Soini sold 26,223 shares of Cenovus Energy stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of C$44.92, for a total value of C$1,177,937.16. Following the sale, the insider owned 2,114 shares of the company’s stock, valued at approximately C$94,960.88. This trade represents a 92.54% decrease in their position. Also, Director Alex Pourbaix sold 30,186 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of C$42.17, for a total value of C$1,272,943.62. Following the transaction, the director directly owned 1,455,996 shares of the company’s stock, valued at approximately C$61,399,351.32. This trade represents a 2.03% decrease in their position. In the last three months, insiders sold 601,524 shares of company stock valued at $25,546,211. 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.