ATB Cormark Capital Markets Forecasts Strong Price Appreciation for Cenovus Energy (TSE:CVE) Stock

by · The Markets Daily

Cenovus Energy (TSE:CVE – Get Free Report) (NYSE:CVE) had its price objective lifted by investment analysts at ATB Cormark Capital Markets from C$42.50 to C$49.00 in a research report issued to clients and investors on Tuesday, BayStreet reports. The brokerage currently has an “outperform” rating on the stock. ATB Cormark Capital Markets’ price target indicates a potential upside of 8.99% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “overweight” rating and raised their target price for the company from C$51.00 to C$58.00 in a research note on Tuesday, September 8th. National Bank Financial decreased their price target on shares of Cenovus Energy from C$60.00 to C$57.00 and set an “outperform” rating on the stock in a report on Tuesday. UBS Group cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Gerdes Energy Research raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from C$42.00 to C$46.00 in a report on Monday, June 29th. Finally, Royal Bank Of Canada upped their target price on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of C$46.06.

Check Out Our Latest Stock Analysis on CVE

Cenovus Energy Price Performance

TSE CVE traded up C$0.10 during trading on Tuesday, reaching 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 has a fifty day moving average of C$43.88 and a 200 day moving average of C$39.94. Cenovus Energy has a one year low of C$21.62 and a one year high of C$47.45. The stock has a market capitalization of C$82.92 billion, a PE ratio of 12.49, a P/E/G ratio of 0.09 and a beta of 0.28. The company has a debt-to-equity ratio of 34.01, a current ratio of 1.63 and a quick ratio of 1.00.

Cenovus Energy (TSE:CVE – Get Free Report) (NYSE:CVE) last issued its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%.The firm had revenue of C$17.43 billion during the quarter. Analysts expect that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jonathan Michael Mckenzie sold 104,974 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of C$43.49, for a total value of C$4,565,319.26. Following the sale, the insider directly owned 843,824 shares of the company’s stock, valued at C$36,697,905.76. This trade represents a 11.06% decrease in their ownership of the stock. Also, insider John F. Soini sold 26,223 shares of the company’s 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 value of C$1,177,937.16. Following the transaction, the insider directly owned 2,114 shares of the company’s stock, valued at C$94,960.88. The trade was a 92.54% decrease in their position. Insiders have sold 601,524 shares of company stock valued at $25,546,211 over the last ninety days. 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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