TD Securities Boosts Cenovus Energy (TSE:CVE) Price Target to C$35.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective upped by TD Securities from C$28.00 to C$35.00 in a research note issued on Friday,BayStreet.CA reports. The firm presently has a “buy” rating on the stock. TD Securities’ target price would suggest a potential upside of 13.09% from the stock’s current price.

Several other research firms also recently commented on CVE. Scotiabank upped their price target on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the company a “hold” rating in a research note on Tuesday, January 20th. The Goldman Sachs Group raised Cenovus Energy to a “strong-buy” rating in a research note on Friday, January 2nd. Desjardins boosted their price target on shares of Cenovus Energy from C$33.00 to C$33.50 and gave the stock a “buy” rating in a report on Friday, December 12th. National Bank Financial boosted their price objective on Cenovus Energy from C$29.00 to C$34.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 3rd. Finally, JPMorgan Chase & Co. cut Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 target price on the stock. in a research note on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Cenovus Energy presently has an average rating of “Buy” and an average target price of C$31.50.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock traded down C$0.73 on Friday, reaching C$30.95. The stock had a trading volume of 7,256,594 shares, compared to its average volume of 9,269,599. Cenovus Energy has a fifty-two week low of C$14.48 and a fifty-two week high of C$32.04. The business’s 50-day moving average price is C$25.47 and its two-hundred day moving average price is C$24.23. 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 stock has a market cap of C$58.38 billion, a P/E ratio of 17.89, a price-to-earnings-growth ratio of 0.09 and a beta of 0.65.

Insider Activity at Cenovus Energy

In related news, Director Michael John Crothers purchased 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The shares were bought at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the acquisition, the director owned 8,000 shares of the company’s stock, valued at approximately C$193,840. This represents a 33.33% increase in their position. 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.