Cenovus Energy (TSE:CVE) Stock Price Target Raised at TD

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective hoisted by equities research analysts at TD from C$49.00 to C$50.00 in a note issued to investors on Tuesday, BayStreet reports. The firm presently has a “buy” rating on the stock. TD’s target price would suggest a potential upside of 8.15% from the stock’s previous close.

Several other research analysts have also recently issued reports on the company. JPMorgan Chase & Co. upgraded Cenovus Energy from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from C$51.00 to C$58.00 in a research note on Tuesday, September 8th. Gerdes Energy Research upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and upped their target price for the company from C$42.00 to C$46.00 in a research report on Monday, June 29th. UBS Group downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 2nd. Royal Bank Of Canada increased their price target on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the stock an “outperform” rating in a report on Thursday, July 30th. Finally, Desjardins set a C$50.00 price target on shares of Cenovus Energy and gave the stock a “buy” rating in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of C$46.12.

Cenovus Energy Stock Up 3.3%

Shares of CVE stock traded up C$1.48 during mid-day trading on Tuesday, hitting C$46.23. 2,719,600 shares of the stock traded hands, compared to its average volume of 7,260,388. Cenovus Energy has a 52-week low of C$21.62 and a 52-week high of C$47.45. The stock has a market cap of C$85.26 billion, a P/E ratio of 12.84, a P/E/G ratio of 0.09 and a beta of 0.28. The company has a debt-to-equity ratio of 34.01, a current ratio of 1.63 and a quick ratio of 1.00. The stock’s fifty day moving average is C$44.19 and its two-hundred day moving average is C$40.30.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. The firm had revenue of C$17.43 billion for the quarter. Equities analysts predict that Cenovus Energy will post 2.26 EPS for the current year.

Insider Buying and Selling

In related news, insider Jonathan Michael Mckenzie sold 104,974 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of C$43.49, for a total value of C$4,565,319.26. Following the completion of the transaction, the insider directly owned 843,824 shares of the company’s stock, valued at approximately C$36,697,905.76. This represents a 11.06% decrease in their position. Also, Director Alex Pourbaix sold 30,186 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of C$42.17, for a total transaction of C$1,272,943.62. Following the completion of the sale, the director owned 1,455,996 shares of the company’s stock, valued at C$61,399,351.32. This trade represents a 2.03% decrease in their ownership of the stock. In the last quarter, 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.