Royal Bank Of Canada Increases Cenovus Energy (TSE:CVE) Price Target to C$45.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective increased by investment analysts at Royal Bank Of Canada from C$42.00 to C$45.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target would indicate a potential upside of 15.86% from the company’s current price.

Several other brokerages have also commented on CVE. Morgan Stanley lowered their price objective on Cenovus Energy from C$31.00 to C$29.00 in a research report on Friday, January 23rd. National Bank Financial raised their price objective on Cenovus Energy from C$30.00 to C$57.00 and gave the company an “outperform” rating in a research report on Tuesday, March 31st. Scotiabank raised their price objective on Cenovus Energy from C$30.00 to C$34.00 and gave the company an “outperform” rating in a research report on Friday, February 20th. ATB Cormark Capital Markets raised their price objective on Cenovus Energy from C$29.00 to C$34.00 in a research report on Monday, February 23rd. Finally, TD raised their price objective on Cenovus Energy from C$35.00 to C$45.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of C$39.64.

Cenovus Energy Stock Performance

TSE:CVE opened at C$38.84 on Thursday. The stock has a market cap of C$73.00 billion, a P/E ratio of 18.07, a price-to-earnings-growth ratio of 0.09 and a beta of 0.23. The firm’s fifty day simple moving average is C$34.79 and its 200 day simple moving average is C$28.62. Cenovus Energy has a twelve month low of C$17.61 and a twelve month high of C$42.01. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 42.29.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Wednesday, May 6th. The company reported C$0.84 EPS for the quarter. The business had revenue of C$12.36 billion during the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%. As a group, research analysts predict that Cenovus Energy will post 2.2619279 EPS for the current year.

Insider Activity

In other news, insider John F. Soini sold 10,275 shares of Cenovus Energy stock in a transaction dated 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 completion of the transaction, the insider owned 2,114 shares of the company’s stock, valued at C$74,264.82. The trade was a 82.94% decrease in their position. 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.