Cenovus Energy (TSE:CVE) Downgraded to Strong Sell Rating by Veritas

Cenovus Energy (TSE:CVE) (NYSE:CVE) was downgraded by investment analysts at Veritas from a “hold” rating to a “strong sell” rating in a research report issued on Monday,Zacks.com reports.

Several other research analysts have also commented on CVE. JPMorgan Chase & Co. lowered Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price target on the stock. in a research report on Tuesday, January 20th. Scotiabank lifted their target price on shares of Cenovus Energy from C$30.00 to C$34.00 and gave the company an “outperform” rating in a report on Friday, February 20th. National Bank Financial upped their price target on shares of Cenovus Energy from C$29.00 to C$34.00 and gave the company an “outperform” rating in a research report on Tuesday, February 3rd. Morgan Stanley decreased their price target on shares of Cenovus Energy from C$31.00 to C$29.00 in a research note on Friday, January 23rd. Finally, TD Securities raised their price objective on shares of Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of C$32.00.

Cenovus Energy Stock Down 0.8%

CVE opened at C$30.62 on Monday. Cenovus Energy has a one year low of C$14.48 and a one year high of C$32.04. 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 stock has a market capitalization of C$57.76 billion, a P/E ratio of 17.70, a price-to-earnings-growth ratio of 0.09 and a beta of 0.65. The business’s 50-day simple moving average is C$25.87 and its 200-day simple moving average is C$24.51.

Insiders Place Their Bets

In other news, Director Michael John Crothers acquired 2,000 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were purchased at an average cost of C$24.23 per share, for a total transaction of C$48,460.00. Following the transaction, the director directly owned 8,000 shares in the company, valued at approximately C$193,840. This represents a 33.33% increase in their position. 32.03% of the stock is currently owned by company insiders.

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.