Cenovus Energy (TSE:CVE) Price Target Raised to C$51.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price lifted by stock analysts at Royal Bank Of Canada from C$47.00 to C$51.00 in a report released on Thursday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price indicates a potential upside of 21.86% from the company’s previous close.

A number of other analysts have also recently weighed in on CVE. Scotia increased their price target on shares of Cenovus Energy from C$38.00 to C$44.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. reduced their target price on shares of Cenovus Energy from C$47.00 to C$45.00 in a report on Thursday, July 9th. Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and increased their target price for the stock from C$42.00 to C$46.00 in a research note on Monday, June 29th. Desjardins set a C$50.00 target price on shares of Cenovus Energy and gave the stock a “buy” rating in a research note on Friday, July 17th. Finally, Scotiabank raised Cenovus Energy to a “strong-buy” rating in a report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of C$43.73.

Cenovus Energy Stock Performance

TSE CVE traded up C$1.02 on Thursday, reaching C$41.85. The stock had a trading volume of 2,223,963 shares, compared to its average volume of 7,872,472. The company has a debt-to-equity ratio of 42.29, a quick ratio of 1.00 and a current ratio of 1.57. Cenovus Energy has a 12-month low of C$19.97 and a 12-month high of C$44.13. The business’s 50-day moving average price is C$38.28 and its 200 day moving average price is C$34.71. The stock has a market cap of C$78.04 billion, a P/E ratio of 16.67, a price-to-earnings-growth ratio of 0.09 and a beta of 0.17.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. The business had revenue of C$17.43 billion during the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%. As a group, equities analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, insider Susan Mary Anderson-Olney sold 37,072 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of C$39.85, for a total value of C$1,477,319.20. Following the transaction, the insider directly owned 33,275 shares of the company’s stock, valued at approximately C$1,326,008.75. The trade was a 52.70% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total transaction of C$2,741,480.37. Following the transaction, the insider owned 1,143,824 shares of the company’s stock, valued at approximately C$45,192,486.24. The trade was a 5.72% decrease in their position. Insiders sold a total of 225,897 shares of company stock worth $8,990,614 over the last three months. 32.03% of the stock is currently owned by corporate 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.