Cenovus Energy (TSE:CVE) Given New C$53.00 Price Target at Raymond James Financial

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price raised by investment analysts at Raymond James Financial from C$51.00 to C$53.00 in a research note issued to investors on Thursday, BayStreet reports. The firm currently has an “outperform” rating on the stock. Raymond James Financial‘s target price suggests a potential upside of 35.10% from the stock’s previous close.

CVE has been the topic of a number of other research reports. TD upped their price target on shares of Cenovus Energy from C$55.00 to C$56.00 and gave the company a “buy” rating in a research note on Thursday. Scotiabank raised their price objective on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the stock a “sector outperform” rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. upgraded shares of Cenovus Energy from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from C$51.00 to C$58.00 in a research report on Tuesday, September 8th. National Bank Financial boosted their price objective on Cenovus Energy from C$57.00 to C$58.00 and gave the stock an “outperform” rating in a report on Tuesday, October 20th. Finally, Desjardins upped their target price on Cenovus Energy from C$52.00 to C$53.00 and gave the company a “buy” rating in a research report on Tuesday, October 20th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Cenovus Energy currently has an average rating of “Buy” and an average price target of C$47.12.

Cenovus Energy Stock Performance

Shares of CVE traded down C$0.43 during trading hours on Thursday, hitting C$39.23. The company had a trading volume of 5,633,488 shares, compared to its average volume of 7,176,049. The firm has a market cap of C$72.35 billion, a price-to-earnings ratio of 10.90, a PEG ratio of 0.09 and a beta of 0.16. The business has a fifty day moving average of C$45.05 and a 200-day moving average of C$38.32. Cenovus Energy has a 12 month low of C$21.62 and a 12 month high of C$47.46. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 34.01.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its earnings results on Wednesday, November 4th. The company reported C$1.83 earnings per share (EPS) for the quarter. The company had revenue of C$15.98 billion during the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. Equities analysts anticipate that Cenovus Energy will post 2.26 EPS for the current fiscal year.

Insider Transactions at Cenovus Energy

In related news, insider Jonathan Michael Mckenzie sold 104,974 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of C$43.49, for a total value of C$4,565,319.26. Following the transaction, the insider directly owned 843,824 shares in the company, valued at approximately C$36,697,905.76. This represents a 11.06% decrease in their ownership of the stock. Also, insider John F. Soini sold 26,223 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the transaction, the insider directly owned 2,114 shares in the company, valued at approximately C$94,960.88. This represents a 92.54% decrease in their ownership of the stock. Over the last 90 days, insiders sold 601,524 shares of company stock valued at $25,546,211. 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.