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

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price raised by investment analysts at National Bankshares from C$28.00 to C$29.00 in a research note issued on Friday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. National Bankshares’ price objective would suggest a potential upside of 26.75% from the company’s previous close.

A number of other research firms have also issued reports on CVE. JPMorgan Chase & Co. lowered their target price on Cenovus Energy from C$32.00 to C$29.00 and set an “overweight” rating on the stock in a report on Thursday, September 11th. Morgan Stanley raised their price objective on shares of Cenovus Energy from C$26.00 to C$31.00 in a research report on Thursday, November 20th. Raymond James Financial raised shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from C$30.00 to C$32.00 in a research note on Thursday, October 9th. The Goldman Sachs Group raised shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, January 2nd. Finally, Scotiabank raised their target price on shares of Cenovus Energy from C$27.00 to C$29.00 and gave the stock an “outperform” rating in a report on Tuesday, October 14th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of C$29.68.

Cenovus Energy Price Performance

Shares of CVE stock traded up C$0.18 during midday trading on Friday, reaching C$22.88. 3,825,640 shares of the company were exchanged, compared to its average volume of 14,343,802. Cenovus Energy has a 12 month low of C$14.48 and a 12 month high of C$26.36. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The company has a market cap of C$43.16 billion, a P/E ratio of 13.23, a PEG ratio of 0.09 and a beta of 0.50. The company’s 50 day moving average price is C$24.16 and its two-hundred day moving average price is C$22.68.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its earnings results on Friday, October 31st. The company reported C$0.72 EPS for the quarter. Cenovus Energy had a return on equity of 12.67% and a net margin of 6.72%.The firm had revenue of C$13.20 billion for the quarter. On average, sell-side analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Insider Activity at Cenovus Energy

In related news, Director Michael John Crothers acquired 2,000 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were purchased at an average cost of C$24.23 per share, with a total value of C$48,460.00. Following the completion of the transaction, the director owned 8,000 shares of the company’s stock, valued at approximately C$193,840. This trade represents a 33.33% increase in their position. Corporate insiders own 32.03% of the company’s stock.

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.