TD Issues Positive Forecast for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target hoisted by TD from C$46.00 to C$49.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The firm presently has a “buy” rating on the stock. TD’s target price would indicate a potential upside of 17.08% from the stock’s current price.

CVE has been the topic of several other reports. JPMorgan Chase & Co. cut their target price on Cenovus Energy from C$47.00 to C$45.00 in a research note on Thursday, July 9th. UBS Group boosted their price target on Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. Scotiabank upped their price target on Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a report on Thursday. Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and increased their price objective for the company from C$42.00 to C$46.00 in a research report on Monday, June 29th. Finally, Desjardins set a C$50.00 target price on Cenovus Energy and gave the stock a “buy” rating in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy currently has a consensus rating of “Buy” and a consensus target price of C$43.73.

Cenovus Energy Stock Up 2.5%

Shares of TSE CVE traded up C$1.02 during midday trading on Thursday, hitting C$41.85. The stock had a trading volume of 2,223,963 shares, compared to its average volume of 7,872,472. The business’s 50 day moving average is C$38.28 and its 200-day moving average is C$34.71. Cenovus Energy has a 52 week low of C$19.97 and a 52 week high of C$44.13. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 42.29. The company has a market cap of C$78.04 billion, a P/E ratio of 16.67, a PEG ratio of 0.09 and a beta of 0.17.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. The company had revenue of C$17.43 billion during the quarter. As a group, analysts predict that Cenovus Energy will post 2.2619279 EPS for the current year.

Insiders Place Their Bets

In related news, insider Susan Mary Anderson-Olney sold 37,072 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of C$39.85, for a total transaction of C$1,477,319.20. Following the completion of the sale, the insider owned 33,275 shares in the company, valued at approximately C$1,326,008.75. This represents a 52.70% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the completion of the transaction, the insider directly owned 1,143,824 shares in the company, valued at approximately C$45,192,486.24. This represents a 5.72% decrease in their position. Over the last 90 days, insiders sold 225,897 shares of company stock worth $8,990,614. 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.