Raymond James Financial Issues Positive Forecast for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price increased by Raymond James Financial from C$46.00 to C$51.00 in a report released on Wednesday, BayStreet reports. The firm presently has an “outperform” rating on the stock. Raymond James Financial’s price objective would suggest a potential upside of 10.32% from the company’s current price.

Several other brokerages have also issued reports on CVE. National Bank Financial set a C$60.00 price target on shares of Cenovus Energy and gave the company an “outperform” rating in a research note on Tuesday, August 25th. Desjardins set a C$50.00 price objective on Cenovus Energy and gave the company a “buy” rating in a report on Friday, July 17th. Canadian Imperial Bank of Commerce lifted their target price on Cenovus Energy from C$48.00 to C$52.00 in a research report on Thursday, August 27th. TD upped their target price on Cenovus Energy from C$46.00 to C$49.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, UBS Group cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of C$45.19.

Cenovus Energy Stock Down 2.1%

Shares of Cenovus Energy stock traded down C$1.00 during trading on Wednesday, reaching C$46.23. The stock had a trading volume of 2,119,754 shares, compared to its average volume of 7,435,140. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01. The company has a market capitalization of C$85.26 billion, a price-to-earnings ratio of 12.84, a P/E/G ratio of 0.09 and a beta of 0.19. The stock has a fifty day moving average price of C$42.35 and a two-hundred day moving average price of C$38.62. Cenovus Energy has a 52 week low of C$21.62 and a 52 week high of C$47.45.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. The business had revenue of C$17.43 billion for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. Sell-side analysts predict that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insider Transactions at Cenovus Energy

In related news, Director Alex Pourbaix sold 432,731 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of C$42.05, for a total value of C$18,196,338.55. Following the completion of the sale, the director directly owned 1,455,996 shares in the company, valued at approximately C$61,224,631.80. This trade represents a 22.91% decrease in their position. Also, insider John F. Soini sold 26,223 shares of Cenovus Energy stock in a transaction dated Friday, August 21st. The stock was sold at an average price of C$44.92, for a total value of C$1,177,937.16. Following the transaction, the insider 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 worth $25,546,211 in the last ninety days. 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.