Cenovus Energy (TSE:CVE) Stock Price Expected to Rise, TD Analyst Says

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective raised by TD from C$55.00 to C$56.00 in a note issued to investors on Thursday, BayStreet reports. The firm currently has a “buy” rating on the stock. TD‘s price objective would indicate a potential upside of 42.75% from the company’s previous close.

Several other equities analysts have also commented on the company. Desjardins boosted their price target on Cenovus Energy from C$52.00 to C$53.00 and gave the stock a “buy” rating in a research report on Tuesday, October 20th. JPMorgan Chase & Co. upgraded shares of Cenovus Energy from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from C$51.00 to C$58.00 in a research note on Tuesday, September 8th. Raymond James Financial boosted their target price on shares of Cenovus Energy from C$51.00 to C$53.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 6th. ATB Cormark Capital Markets upped their target price on shares of Cenovus Energy from C$49.00 to C$55.00 and gave the company an “outperform” rating in a research note on Thursday, October 22nd. Finally, National Bank Financial upped their target price on shares of Cenovus Energy from C$57.00 to C$58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 20th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy has a consensus rating of “Buy” and a consensus target price of C$47.12.

Cenovus Energy Stock Down 1.1%

Shares of TSE CVE traded down C$0.43 on Thursday, hitting C$39.23. The company had a trading volume of 5,633,488 shares, compared to its average volume of 7,176,049. Cenovus Energy has a 12-month low of C$21.62 and a 12-month high of C$47.46. The business has a 50 day moving average of C$45.05 and a two-hundred day moving average of C$38.32. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 34.01. The firm has a market capitalization of C$72.35 billion, a P/E ratio of 10.90, a PEG ratio of 0.09 and a beta of 0.16.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its earnings results on Wednesday, November 4th. The company reported C$1.83 earnings per share (EPS) for the quarter. The business had revenue of C$15.98 billion during the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. As a group, equities research analysts forecast that Cenovus Energy will post 2.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Jonathan Michael Mckenzie sold 104,974 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 843,824 shares in the company, valued at approximately C$36,697,905.76. The trade was a 11.06% decrease in their ownership of the stock. Also, Director Alex Pourbaix sold 432,731 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of C$42.05, for a total value of C$18,196,338.55. Following the completion of the transaction, the director directly owned 1,455,996 shares of the company’s stock, valued at C$61,224,631.80. This represents a 22.91% decrease in their position. Over the last 90 days, insiders have sold 601,524 shares of company stock worth $25,546,211. 32.03% of the stock is currently owned by corporate 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.