Cenovus Energy (TSE:CVE) Price Target Raised to C$34.00 at ATB Cormark Capital Markets

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective raised by analysts at ATB Cormark Capital Markets from C$29.00 to C$34.00 in a research report issued to clients and investors on Monday,BayStreet.CA reports. ATB Cormark Capital Markets’ price objective would indicate a potential upside of 10.14% from the stock’s current price.

A number of other equities research analysts also recently weighed in on CVE. National Bank Financial boosted their target price on Cenovus Energy from C$29.00 to C$34.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 3rd. TD Securities lifted their price objective on Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a research report on Friday. Desjardins upped their target price on shares of Cenovus Energy from C$33.00 to C$36.00 and gave the company a “buy” rating in a research report on Friday. The Goldman Sachs Group upgraded Cenovus Energy to a “strong-buy” rating in a research report on Friday, January 2nd. Finally, JPMorgan Chase & Co. downgraded 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 issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of C$32.00.

Cenovus Energy Price Performance

Shares of CVE traded down C$0.01 during mid-day trading on Monday, hitting C$30.87. 4,928,326 shares of the company traded hands, compared to its average volume of 9,312,887. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The stock has a market capitalization of C$58.23 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 0.09 and a beta of 0.65. The business has a 50-day moving average of C$25.59 and a 200 day moving average of C$24.36. Cenovus Energy has a one year low of C$14.48 and a one year high of C$32.04.

Insiders Place Their Bets

In other Cenovus Energy news, Director Michael John Crothers purchased 2,000 shares of the business’s stock in a transaction on Monday, December 15th. The stock was acquired at an average price of C$24.23 per share, with a total value of C$48,460.00. Following 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 position. Company insiders own 32.03% of the company’s stock.

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.