Cenovus Energy (TSE:CVE) Price Target Cut to C$57.00 by Analysts at National Bank Financial

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price reduced by investment analysts at National Bank Financial from C$60.00 to C$57.00 in a research note issued on Tuesday, BayStreet reports. The brokerage presently has an “outperform” rating on the stock. National Bank Financial’s price target would suggest a potential upside of 26.78% from the company’s current price.

CVE has been the subject of a number of other reports. Raymond James Financial lifted their target price on shares of Cenovus Energy from C$46.00 to C$51.00 and gave the company an “outperform” rating in a research note on Wednesday, September 16th. TD increased their price target on shares of Cenovus Energy from C$46.00 to C$49.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and raised their price target for the company from C$42.00 to C$46.00 in a report on Monday, June 29th. Royal Bank Of Canada lifted their price objective on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. Finally, UBS Group cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of C$46.06.

Cenovus Energy Stock Up 0.2%

CVE stock traded up C$0.10 during mid-day trading on Tuesday, hitting C$44.96. The stock had a trading volume of 4,633,102 shares, compared to its average volume of 7,274,687. Cenovus Energy has a 1-year low of C$21.62 and a 1-year high of C$47.45. The company has a fifty day moving average of C$43.88 and a 200 day moving average of C$39.94. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01. The stock has a market capitalization of C$82.92 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 0.09 and a beta of 0.28.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. The business had revenue of C$17.43 billion during the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. On average, equities analysts expect that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cenovus Energy 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 transaction of C$4,565,319.26. Following the completion of the sale, the insider directly owned 843,824 shares in the company, valued at C$36,697,905.76. This represents a 11.06% decrease in their ownership of the stock. Also, Director Alex Pourbaix sold 432,731 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of C$42.05, for a total value of C$18,196,338.55. Following the completion of the sale, the director directly owned 1,455,996 shares in the company, valued at approximately C$61,224,631.80. This represents a 22.91% decrease in their ownership of the stock. Insiders sold a total of 601,524 shares of company stock valued at $25,546,211 in the last quarter. Insiders own 32.03% of the company’s stock.

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.