Cenovus Energy (TSE:CVE) Price Target Raised to C$42.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective raised by investment analysts at Royal Bank Of Canada from C$32.00 to C$42.00 in a report issued on Wednesday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective indicates a potential upside of 18.01% from the stock’s current price.

A number of other equities analysts also recently commented on the stock. The Goldman Sachs Group upgraded shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, January 2nd. Veritas upgraded shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. ATB Cormark Capital Markets raised their target price on shares of Cenovus Energy from C$29.00 to C$34.00 in a research note on Monday, February 23rd. BMO Capital Markets cut their target price on shares of Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating for the company in a research note on Friday, February 20th. Finally, Desjardins raised their target price on shares of Cenovus Energy from C$33.00 to C$36.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of C$36.17.

Cenovus Energy Stock Down 5.8%

Shares of Cenovus Energy stock traded down C$2.19 during trading hours on Wednesday, reaching C$35.59. 4,885,017 shares of the company’s stock were exchanged, compared to its average volume of 10,029,374. The company has a 50 day moving average of C$31.69 and a two-hundred day moving average of C$26.86. Cenovus Energy has a fifty-two week low of C$14.48 and a fifty-two week high of C$38.50. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 53.80. The stock has a market cap of C$66.88 billion, a P/E ratio of 16.55, a P/E/G ratio of 0.09 and a beta of 0.07.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings data 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 company had revenue of C$10.88 billion during the quarter. On average, sell-side analysts forecast that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insider Activity

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 sale, the insider owned 2,114 shares in the company, valued at approximately C$74,264.82. This trade represents a 82.94% decrease in their position. 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.