Cenovus Energy (TSE:CVE) Stock Gets Price Target Increase from TD

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target lifted by stock analysts at TD from C$55.00 to C$56.00 in a research report issued to clients and investors on Thursday, BayStreet reports. The brokerage currently has a “buy” rating on the stock. TD‘s price target indicates a potential upside of 44.55% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the company. Desjardins boosted their target price on Cenovus Energy from C$52.00 to C$53.00 and gave the company a “buy” rating in a research note on Tuesday, October 20th. Raymond James Financial raised their price target on Cenovus Energy from C$51.00 to C$53.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 6th. National Bank Financial lifted their price target on Cenovus Energy from C$57.00 to C$58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 20th. Scotiabank boosted their price objective on Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a research report on Thursday, July 30th. Finally, UBS Group lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Cenovus Energy currently has an average rating of “Buy” and an average target price of C$47.12.

Cenovus Energy Price Performance

TSE CVE traded down C$0.02 during trading on Thursday, reaching C$38.74. The company’s stock had a trading volume of 7,084,074 shares, compared to its average volume of 7,195,416. The stock has a market capitalization of C$70.02 billion, a PE ratio of 10.76, a P/E/G ratio of 0.09 and a beta of 0.16. The company has a debt-to-equity ratio of 8.52, a current ratio of 1.64 and a quick ratio of 1.00. The firm has a fifty day moving average of C$44.84 and a 200 day moving average of C$38.46. Cenovus Energy has a one year low of C$21.62 and a one year high of C$47.46.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings data on Wednesday, November 4th. The company reported C$1.83 earnings per share for the quarter. Cenovus Energy had a net margin of 15.42% and a return on equity of 26.15%. The company had revenue of C$15.98 billion for the quarter. Analysts expect that Cenovus Energy will post 2.26 EPS for the current fiscal year.

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, insider John F. Soini sold 26,223 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of C$44.92, for a total value of C$1,177,937.16. Following the sale, the insider owned 2,114 shares in the company, valued at approximately C$94,960.88. This represents a 92.54% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 104,974 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the transaction, the insider directly owned 843,824 shares of the company’s stock, valued at C$36,697,905.76. This represents a 11.06% decrease in their position. Insiders sold 601,524 shares of company stock valued at $25,546,211 over the last 90 days. 32.03% of the stock is owned by corporate insiders.

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.