Cenovus Energy (TSE:CVE) Price Target Raised to C$45.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target hoisted by stock analysts at TD from C$35.00 to C$45.00 in a report issued on Thursday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the stock. TD’s price objective points to a potential upside of 26.76% from the company’s previous close.

Several other research analysts have also commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of Cenovus Energy from C$25.00 to C$41.00 in a report on Tuesday. Gerdes Energy Research lowered shares of Cenovus Energy from a “buy” rating to a “neutral” rating in a research note on Friday, March 20th. Raymond James Financial boosted their target price on shares of Cenovus Energy from C$33.00 to C$42.00 in a research note on Monday, March 30th. Veritas raised shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. Finally, UBS Group boosted their target price on shares of Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Cenovus Energy presently has a consensus rating of “Buy” and a consensus target price of C$39.08.

Cenovus Energy Stock Up 1.5%

Shares of CVE traded up C$0.53 during midday trading on Thursday, hitting C$35.50. The company had a trading volume of 2,908,833 shares, compared to its average volume of 9,783,715. The company’s 50 day moving average price is C$32.72 and its 200 day moving average price is C$27.31. The stock has a market cap of C$66.73 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 0.09 and a beta of 0.07. Cenovus Energy has a 52 week low of C$16.02 and a 52 week high of C$38.50. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 53.80.

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

Insider Buying and Selling

In related news, insider John F. Soini sold 10,275 shares of the stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of C$35.13, for a total transaction of C$360,960.75. Following the completion of the sale, the insider directly owned 2,114 shares of the company’s stock, valued at C$74,264.82. This represents a 82.94% decrease in their ownership of the stock. 32.03% of the stock is currently owned by corporate insiders.

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.