National Bankshares Downgrades Cenovus Energy (TSE:CVE) to Sector Perform

Cenovus Energy (TSE:CVE) (NYSE:CVE) was downgraded by investment analysts at National Bankshares from an “outperform” rating to a “sector perform” rating in a note issued to investors on Friday,BayStreet.CA reports. They currently have a C$25.00 target price on the stock, down from their prior target price of C$28.00. National Bankshares’ price objective points to a potential upside of 20.71% from the company’s current price.

Several other research firms also recently commented on CVE. Jefferies Financial Group cut their price objective on shares of Cenovus Energy from C$32.00 to C$30.00 in a report on Thursday, January 30th. Royal Bank of Canada cut their price objective on shares of Cenovus Energy from C$28.00 to C$26.00 in a research note on Tuesday, January 14th. BMO Capital Markets lowered their price objective on Cenovus Energy from C$28.00 to C$25.00 in a research report on Friday, December 13th. Raymond James upped their target price on Cenovus Energy from C$32.00 to C$33.00 in a report on Friday, December 13th. Finally, TD Securities lowered their price target on Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating on the stock in a report on Friday, December 13th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of C$30.00.

Cenovus Energy Trading Down 4.3 %

Shares of CVE stock traded down C$0.94 during mid-day trading on Friday, hitting C$20.71. The company’s stock had a trading volume of 3,977,973 shares, compared to its average volume of 4,858,463. The company has a market cap of C$37.73 billion, a PE ratio of 10.21, a P/E/G ratio of 0.09 and a beta of 2.63. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The company’s fifty day simple moving average is C$21.54 and its 200-day simple moving average is C$22.77. Cenovus Energy has a 52 week low of C$20.16 and a 52 week high of C$29.96.

Insider Buying and Selling at Cenovus Energy

In related news, Senior Officer Jeffery George Lawson purchased 5,000 shares of the company’s stock in a transaction on Friday, December 27th. The shares were bought at an average cost of C$21.17 per share, for a total transaction of C$105,832.00. Also, insider Cenovus Energy Inc. acquired 44,700 shares of the stock in a transaction on Monday, December 2nd. The shares were acquired at an average cost of C$22.07 per share, for a total transaction of C$986,658.63. Insiders bought 65,300 shares of company stock valued at $1,427,360 over the last quarter. 32.03% of the stock is currently owned by 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.