Cenovus Energy (CVE) Given New C$16.00 Price Target at Barclays

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Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target reduced by investment analysts at Barclays from C$17.00 to C$16.00 in a research report issued on Thursday. Barclays‘s target price points to a potential upside of 49.95% from the stock’s current price.

Several other brokerages also recently commented on CVE. CIBC decreased their price objective on shares of Cenovus Energy from C$17.00 to C$14.50 in a research report on Thursday, November 22nd. Canaccord Genuity reduced their price target on shares of Cenovus Energy from C$13.50 to C$12.50 in a report on Tuesday, November 20th. Morgan Stanley reduced their price target on shares of Cenovus Energy from C$17.00 to C$15.00 in a report on Tuesday, November 20th. JPMorgan Chase & Co. reduced their price target on shares of Cenovus Energy from C$17.00 to C$15.00 in a report on Tuesday, December 11th. Finally, Raymond James lifted their price target on shares of Cenovus Energy from C$16.00 to C$17.00 in a report on Friday, October 5th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of C$15.43.

CVE stock traded down C$0.05 on Thursday, hitting C$10.67. The company had a trading volume of 1,628,334 shares, compared to its average volume of 3,574,579. The company has a debt-to-equity ratio of 52.75, a quick ratio of 0.80 and a current ratio of 1.26. Cenovus Energy has a 12-month low of C$8.74 and a 12-month high of C$14.84.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings results on Wednesday, October 31st. The company reported C($0.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of C$0.22 by C($0.42). The business had revenue of C$6.14 billion for the quarter, compared to analyst estimates of C$5.77 billion. On average, analysts predict that Cenovus Energy will post 0.88 earnings per share for the current year.

In other news, Director Richard Joseph Marcogliese purchased 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 26th. The stock was purchased at an average cost of C$7.10 per share, with a total value of C$35,500.00. Also, insider Jonathan Michael Mckenzie purchased 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 21st. The shares were purchased at an average cost of C$10.23 per share, with a total value of C$255,750.00. Insiders acquired a total of 37,121 shares of company stock valued at $364,051 over the last three months.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.

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Analyst Recommendations for Cenovus Energy (TSE:CVE)

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