Cenovus Energy (TSE:CVE) Price Target Raised to C$47.00

by · The Cerbat Gem

Cenovus Energy (TSE:CVE – Get Free Report) (NYSE:CVE) had its price target upped by investment analysts at Royal Bank Of Canada from C$45.00 to C$47.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 8.10% from the stock’s current price.

Several other analysts have also recently weighed in on the company. BMO Capital Markets lowered their price target on Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating on the stock in a report on Friday, February 20th. Morgan Stanley lowered their price target on Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd. TD Securities increased their price objective on Cenovus Energy from C$28.00 to C$35.00 and gave the company a “buy” rating in a research report on Friday, February 20th. National Bank Financial increased 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. Finally, Raymond James Financial lowered Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and increased their price objective for the company from C$41.00 to C$42.00 in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of C$39.79.

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Cenovus Energy Price Performance

CVE traded up C$1.07 during trading on Tuesday, reaching C$43.48. 3,479,103 shares of the company were exchanged, compared to its average volume of 9,026,465. The company’s 50-day moving average is C$36.22 and its two-hundred day moving average is C$29.47. The company has a market cap of C$81.08 billion, a price-to-earnings ratio of 17.32, a P/E/G ratio of 0.09 and a beta of 0.23. 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 has a 12-month low of C$17.61 and a 12-month high of C$43.75.

Cenovus Energy (TSE:CVE – Get Free Report) (NYSE:CVE) last issued its quarterly earnings data on Wednesday, May 6th. The company reported C$0.84 earnings per share (EPS) for the quarter. The business had revenue of C$12.36 billion for the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%. Research analysts forecast that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Insider Buying and Selling at Cenovus Energy

In related news, insider Jonathan Michael Mckenzie sold 60,000 shares of Cenovus Energy stock in a transaction on Thursday, May 7th. The stock was sold at an average price of C$38.72, for a total value of C$2,323,200.00. Following the completion of the sale, the insider owned 1,212,836 shares of the company’s stock, valued at C$46,961,009.92. The trade was a 4.71% decrease in their ownership of the stock. Also, insider John F. Soini sold 10,275 shares of Cenovus Energy stock in a transaction on 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 sale, the insider directly 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. Over the last 90 days, insiders sold 166,785 shares of company stock worth $6,610,095. 32.03% of the stock is owned by insiders.

Cenovus Energy Company Profile

(Get Free Report)

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.

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