Cenovus Energy (TSE:CVE) Raised to “Moderate Buy” at Desjardins

Cenovus Energy (TSE:CVE) (NYSE:CVE) was upgraded by investment analysts at Desjardins to a “moderate buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

Several other brokerages have also commented on CVE. TD increased their price objective on Cenovus Energy from C$35.00 to C$45.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. UBS Group increased their price objective on Cenovus Energy from C$36.00 to C$41.00 in a report on Thursday, April 9th. Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and boosted their price target for the company from C$41.00 to C$42.00 in a research report on Wednesday, May 6th. Royal Bank Of Canada boosted their target price on shares of Cenovus Energy from C$45.00 to C$47.00 and gave the company an “outperform” rating in a report on Tuesday, May 19th. Finally, Scotia raised their price objective on Cenovus Energy from C$38.00 to C$44.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 7th. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of C$41.40.

Cenovus Energy Trading Up 2.4%

TSE:CVE opened at C$39.20 on Thursday. The company has a debt-to-equity ratio of 42.29, a current ratio of 1.57 and a quick ratio of 1.00. Cenovus Energy has a 1 year low of C$19.05 and a 1 year high of C$44.13. The company has a market cap of C$73.10 billion, a P/E ratio of 15.62, a P/E/G ratio of 0.09 and a beta of 0.17. The stock’s fifty day moving average price is C$38.47 and its two-hundred day moving average price is C$33.65.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Wednesday, May 6th. The company reported C$0.84 EPS for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. The firm had revenue of C$12.36 billion during the quarter. As a group, analysts expect that Cenovus Energy will post 2.2619279 EPS for the current year.

Insider Activity at Cenovus Energy

In other news, insider Jonathan Michael Mckenzie sold 69,387 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the completion of the transaction, the insider owned 1,143,824 shares of the company’s stock, valued at C$45,192,486.24. This represents a 5.72% decrease in their ownership of the stock. Also, insider Susan Mary Anderson-Olney sold 37,072 shares of the company’s stock in a transaction on 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 transaction, the insider owned 33,275 shares of the company’s stock, valued at approximately C$1,326,008.75. This represents a 52.70% decrease in their position. Insiders sold 225,897 shares of company stock worth $8,990,614 over the last quarter. 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.