Cenovus Energy (TSE:CVE – Get Free Report) (NYSE:CVE) had its target price reduced by research analysts at JPMorgan Chase & Co. from C$47.00 to C$45.00 in a research note issued to investors on Thursday,BayStreet.CA reports. JPMorgan Chase & Co.‘s price target suggests a potential upside of 21.72% from the company’s current price.
A number of other equities analysts have also recently commented on the stock. TD lifted their target price on shares of Cenovus Energy from C$35.00 to C$45.00 and gave the company a “buy” rating in a report on Thursday, April 16th. National Bank Financial increased their price target on shares of Cenovus Energy from C$30.00 to C$57.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 31st. Raymond James Financial downgraded shares of Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and raised their price objective for the stock from C$41.00 to C$42.00 in a research report on Wednesday, May 6th. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, June 26th. Finally, UBS Group upped their target price on shares of Cenovus Energy from C$36.00 to C$41.00 in a report on Thursday, April 9th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of C$40.47.
Check Out Our Latest Report on Cenovus Energy
Cenovus Energy Stock Performance
Cenovus Energy (TSE:CVE – Get Free Report) (NYSE:CVE) last issued its quarterly earnings data on Wednesday, May 6th. The company reported C$0.84 earnings per share for the quarter. The company had revenue of C$12.36 billion during the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%. As a group, sell-side analysts predict that Cenovus Energy will post 2.2619279 earnings per share for the current year.
Insider Activity at Cenovus Energy
In related news, insider Susan Mary Anderson-Olney sold 19,379 shares of Cenovus Energy stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of C$41.84, for a total value of C$810,817.36. Following the sale, the insider directly owned 33,275 shares in the company, valued at C$1,392,226. The trade was a 36.80% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the transaction, the insider directly owned 1,143,824 shares in the company, valued at C$45,192,486.24. This represents a 5.72% decrease in their position. Insiders sold a total of 225,897 shares of company stock valued at $8,990,614 over the last three months. 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.
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