Cenovus Energy (TSE:CVE) Stock Price Expected to Rise, ATB Cormark Capital Markets Analyst Says

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective lifted by equities research analysts at ATB Cormark Capital Markets from C$49.00 to C$55.00 in a note issued to investors on Thursday, BayStreet reports. The firm presently has an “outperform” rating on the stock. ATB Cormark Capital Markets‘s target price points to a potential upside of 22.55% from the company’s previous close.

A number of other research analysts have also commented on the stock. UBS Group lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from C$51.00 to C$58.00 in a research report on Tuesday, September 8th. Desjardins lifted their target price on Cenovus Energy from C$52.00 to C$53.00 and gave the stock a “buy” rating in a research report on Tuesday. Raymond James Financial boosted their price target on Cenovus Energy from C$51.00 to C$53.00 and gave the company an “outperform” rating in a research note on Tuesday, October 6th. Finally, Royal Bank Of Canada upped their price target on Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Cenovus Energy presently has an average rating of “Buy” and a consensus target price of C$46.75.

Cenovus Energy Stock Performance

TSE:CVE traded down C$1.66 during trading hours on Thursday, hitting C$44.88. 6,842,572 shares of the company traded hands, compared to its average volume of 7,209,701. The stock has a market capitalization of C$82.77 billion, a price-to-earnings ratio of 12.47, a P/E/G ratio of 0.09 and a beta of 0.28. Cenovus Energy has a twelve month low of C$21.62 and a twelve month high of C$47.46. The firm has a 50-day moving average of C$45.03 and a 200 day moving average of C$40.79. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. The firm had revenue of C$17.43 billion during the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. On average, analysts forecast that Cenovus Energy will post 2.26 EPS for the current year.

Insiders Place Their Bets

In other news, insider Jonathan Michael Mckenzie sold 104,974 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of C$43.49, for a total value of C$4,565,319.26. Following the completion of the transaction, the insider owned 843,824 shares in the company, valued at approximately C$36,697,905.76. This represents a 11.06% decrease in their position. Also, insider John F. Soini sold 26,223 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of C$44.92, for a total transaction 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 ownership of the stock. Insiders have sold 601,524 shares of company stock worth $25,546,211 over the last 90 days. Corporate 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.