Cenovus Energy (TSE:CVE) Price Target Raised to C$53.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price boosted by research analysts at Raymond James Financial from C$51.00 to C$53.00 in a note issued to investors on Tuesday, BayStreet reports. The brokerage presently has an “outperform” rating on the stock. Raymond James Financial’s price target would indicate a potential upside of 17.88% from the company’s previous close.

Several other equities analysts also recently weighed in on the company. Canadian Imperial Bank of Commerce increased their target price on Cenovus Energy from C$48.00 to C$52.00 in a research report on Thursday, August 27th. Scotiabank increased their price objective on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the stock a “sector outperform” rating in a report on Thursday, July 30th. JPMorgan Chase & Co. upgraded shares of Cenovus Energy from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from C$51.00 to C$58.00 in a report on Tuesday, September 8th. UBS Group cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Finally, Gerdes Energy Research raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and upped their price target for the stock from C$42.00 to C$46.00 in a research report on Monday, June 29th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of C$46.06.

Cenovus Energy Trading Up 0.2%

CVE traded up C$0.10 during trading on Tuesday, hitting C$44.96. The company’s stock had a trading volume of 4,633,102 shares, compared to its average volume of 7,274,687. The firm’s 50 day moving average price is C$43.88 and its 200-day moving average price is C$39.94. 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 has a market cap of C$82.92 billion, a PE ratio of 12.49, a PEG ratio of 0.09 and a beta of 0.28. Cenovus Energy has a twelve month low of C$21.62 and a twelve month high of C$47.45.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly 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 company had revenue of C$17.43 billion for the quarter. On average, analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Alex Pourbaix sold 30,186 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of C$42.17, for a total value of C$1,272,943.62. Following the transaction, the director owned 1,455,996 shares in the company, valued at approximately C$61,399,351.32. This trade represents a 2.03% decrease in their ownership of the stock. Also, insider John F. Soini sold 26,223 shares of Cenovus Energy stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the transaction, the insider directly owned 2,114 shares in the company, valued at approximately C$94,960.88. This trade represents a 92.54% 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 currently 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.