Cenovus Energy (TSE:CVE) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective lifted by analysts at Royal Bank Of Canada from C$31.00 to C$32.00 in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target points to a potential upside of 3.39% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. Scotiabank boosted their price objective on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the company a “hold” rating in a research note on Tuesday, January 20th. National Bank Financial raised their price target on shares of Cenovus Energy from C$29.00 to C$34.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. TD Securities boosted their price objective on shares of Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a report on Friday. Desjardins lifted their target price on shares of Cenovus Energy from C$33.00 to C$33.50 and gave the stock a “buy” rating in a research report on Friday, December 12th. Finally, The Goldman Sachs Group raised shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, January 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of C$31.50.

Cenovus Energy Stock Performance

CVE stock traded down C$0.73 during midday trading on Friday, reaching C$30.95. 7,256,594 shares of the company’s stock traded hands, compared to its average volume of 9,269,599. The company has a 50-day moving average price of C$25.47 and a two-hundred day moving average price of C$24.23. The firm has a market capitalization of C$58.38 billion, a PE ratio of 17.89, a price-to-earnings-growth ratio of 0.09 and a beta of 0.65. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. Cenovus Energy has a 52 week low of C$14.48 and a 52 week high of C$32.04.

Insider Buying and Selling at Cenovus Energy

In other news, Director Michael John Crothers acquired 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The stock was bought at an average cost of C$24.23 per share, for a total transaction of C$48,460.00. Following the acquisition, the director directly owned 8,000 shares in the company, valued at approximately C$193,840. The trade was a 33.33% increase in their ownership of the stock. 32.03% of the stock is owned by company 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.