Cenovus Energy (TSE:CVE) Price Target Raised to C$36.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective raised by equities research analysts at Desjardins from C$33.00 to C$36.00 in a research note issued on Friday,BayStreet.CA reports. The firm currently has a “buy” rating on the stock. Desjardins’ price target points to a potential upside of 16.32% from the company’s previous close.

CVE has been the topic of a number of other research reports. The Goldman Sachs Group upgraded Cenovus Energy to a “strong-buy” rating in a research note on Friday, January 2nd. JPMorgan Chase & Co. lowered Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 target price for the company. in a research report on Tuesday, January 20th. TD Securities boosted their price target on shares of Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a report on Friday. Morgan Stanley reduced their price target on shares of Cenovus Energy from C$31.00 to C$29.00 in a research report on Friday, January 23rd. Finally, Scotiabank lifted their price objective on shares of Cenovus Energy from C$30.00 to C$34.00 and gave the stock an “outperform” rating in a research report on Friday. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Cenovus Energy presently has a consensus rating of “Buy” and an average price target of C$31.50.

Cenovus Energy Stock Down 2.3%

Shares of CVE traded down C$0.73 during trading hours on Friday, reaching C$30.95. 7,256,594 shares of the stock traded hands, compared to its average volume of 9,269,599. Cenovus Energy has a 52 week low of C$14.48 and a 52 week high of C$32.04. The company has a market cap of C$58.38 billion, a price-to-earnings ratio of 17.89, a PEG ratio of 0.09 and a beta of 0.65. The stock has a fifty day simple moving average of C$25.47 and a 200 day simple moving average of C$24.23. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59.

Insider Buying and Selling

In other Cenovus Energy news, Director Michael John Crothers acquired 2,000 shares of Cenovus Energy stock in a transaction that occurred on Monday, December 15th. The stock was acquired at an average cost of C$24.23 per share, for a total transaction of C$48,460.00. Following the purchase, the director owned 8,000 shares of the company’s stock, valued at approximately C$193,840. This represents a 33.33% increase in their ownership of the stock. Company 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.