TD Increases Cenovus Energy (TSE:CVE) Price Target to C$49.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target boosted by stock analysts at TD from C$46.00 to C$49.00 in a note issued to investors on Thursday,BayStreet.CA reports. The firm currently has a “buy” rating on the stock. TD’s price target would indicate a potential upside of 17.08% from the company’s current price.

CVE has been the subject of a number of other research reports. Scotia upped their price target on Cenovus Energy from C$38.00 to C$44.00 and gave the stock a “sector outperform” rating in a research report on Thursday, May 7th. Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and lifted their price objective for the company from C$42.00 to C$46.00 in a research report on Monday, June 29th. UBS Group boosted their price objective on Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. Royal Bank Of Canada increased their target price on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Scotiabank lifted their price target 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. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Cenovus Energy has a consensus rating of “Buy” and a consensus target price of C$43.73.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock traded up C$1.02 on Thursday, hitting C$41.85. 2,223,963 shares of the company’s stock were exchanged, compared to its average volume of 7,872,472. Cenovus Energy has a 1 year low of C$19.97 and a 1 year high of C$44.13. The company has a 50-day simple moving average of C$38.28 and a 200-day simple moving average of C$34.71. The company has a debt-to-equity ratio of 42.29, a quick ratio of 1.00 and a current ratio of 1.57. The stock has a market capitalization of C$78.04 billion, a PE ratio of 16.67, a PEG ratio of 0.09 and a beta of 0.17.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%.The firm had revenue of C$17.43 billion during the quarter. As a group, equities analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current year.

Insider Transactions at Cenovus Energy

In related news, insider Susan Mary Anderson-Olney sold 37,072 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of C$39.85, for a total transaction of C$1,477,319.20. Following the completion of the sale, the insider owned 33,275 shares in the company, valued at approximately C$1,326,008.75. This trade represents a 52.70% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of Cenovus Energy stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the sale, the insider directly owned 1,143,824 shares in the company, valued at C$45,192,486.24. This trade represents a 5.72% decrease in their position. In the last ninety days, insiders sold 225,897 shares of company stock valued at $8,990,614. Corporate insiders own 32.03% of the company’s stock.

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.