National Bank Financial Reiterates “C$60.00” Price Target for Cenovus Energy (TSE:CVE)

Cenovus Energy (TSE:CVE) (NYSE:CVE) has been assigned a C$60.00 target price by research analysts at National Bank Financial in a research note issued to investors on Wednesday, BayStreet reports. The firm currently has an “outperform” rating on the stock. National Bank Financial’s target price would indicate a potential upside of 36.39% from the stock’s previous close.

A number of other analysts have also recently commented on CVE. JPMorgan Chase & Co. upgraded shares of Cenovus Energy from a “neutral” rating to an “overweight” rating and upped their price target for the company from C$51.00 to C$58.00 in a research note on Tuesday, September 8th. Scotiabank boosted their target price on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a report on Thursday, July 30th. TD increased their target price on Cenovus Energy from C$46.00 to C$49.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Raymond James Financial lifted their price target on Cenovus Energy from C$46.00 to C$51.00 and gave the company an “outperform” rating in a research report on Wednesday, September 16th. Finally, Canadian Imperial Bank of Commerce increased their price objective on Cenovus Energy from C$48.00 to C$52.00 in a report on Thursday, August 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Cenovus Energy currently has an average rating of “Buy” and an average target price of C$45.19.

Cenovus Energy Trading Down 0.3%

Shares of Cenovus Energy stock opened at C$43.99 on Wednesday. Cenovus Energy has a 52-week low of C$21.62 and a 52-week high of C$47.45. The stock’s 50-day simple moving average is C$43.54 and its 200 day simple moving average is C$39.57. The stock has a market capitalization of C$81.13 billion, a P/E ratio of 12.22, a P/E/G ratio of 0.09 and a beta of 0.19. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. The business had revenue of C$17.43 billion for the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. As a group, research analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current year.

Insider Transactions at Cenovus Energy

In other news, insider John F. Soini sold 26,223 shares of Cenovus Energy stock in a transaction on Friday, August 21st. The shares were sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the completion of the sale, the insider directly owned 2,114 shares of the company’s stock, valued at approximately C$94,960.88. The trade was a 92.54% decrease in their position. Also, Director Alex Pourbaix sold 432,731 shares of the stock in a transaction on 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 transaction, the director directly owned 1,455,996 shares in the company, valued at approximately C$61,224,631.80. This represents a 22.91% decrease in their position. Insiders have sold 601,524 shares of company stock valued at $25,546,211 in the last quarter. Insiders own 32.03% of the company’s stock.

About Cenovus Energy

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.