Cenovus Energy (TSE:CVE) Raised to “Strong-Buy” at Veritas

Cenovus Energy (TSE:CVE) (NYSE:CVE) was upgraded by investment analysts at Veritas from a “strong sell” rating to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other analysts have also recently commented on the company. Desjardins upped their price target on Cenovus Energy from C$33.00 to C$36.00 and gave the company a “buy” rating in a research note on Friday, February 20th. ATB Cormark Capital Markets upped their target price on shares of Cenovus Energy from C$29.00 to C$34.00 in a research note on Monday, February 23rd. Morgan Stanley cut their target price on shares of Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd. BMO Capital Markets decreased their price objective on Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating for the company in a research report on Friday, February 20th. Finally, National Bank Financial upped their target price on shares of Cenovus Energy from C$29.00 to C$34.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Cenovus Energy presently has an average rating of “Buy” and a consensus target price of C$32.00.

Cenovus Energy Stock Performance

CVE stock opened at C$30.77 on Tuesday. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$32.62. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 53.80. The company has a market cap of C$57.82 billion, a P/E ratio of 14.31, a price-to-earnings-growth ratio of 0.09 and a beta of 0.63. The business’s fifty day moving average is C$27.42 and its 200-day moving average is C$25.20.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Thursday, February 19th. The company reported C$0.50 EPS for the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%.The business had revenue of C$10.88 billion during the quarter. Equities research analysts forecast that Cenovus Energy will post 2.2619279 EPS for the current year.

Insider Activity

In related news, Director Michael John Crothers purchased 2,000 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The stock was acquired at an average cost of C$24.23 per share, for a total transaction of C$48,460.00. Following the completion of the purchase, the director owned 8,000 shares in the company, 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.