Cenovus Energy (TSE:CVE) Price Target Raised to C$57.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target hoisted by investment analysts at National Bank Financial from C$30.00 to C$57.00 in a research note issued on Tuesday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. National Bank Financial’s price target would suggest a potential upside of 56.12% from the company’s previous close.

Several other research analysts have also issued reports on the company. Royal Bank Of Canada increased their price objective on Cenovus Energy from C$31.00 to C$32.00 and gave the stock an “outperform” rating in a research note on Friday, February 20th. Veritas upgraded shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. The Goldman Sachs Group raised shares of Cenovus Energy to a “strong-buy” rating in a report on Friday, January 2nd. Desjardins increased their target price on shares of Cenovus Energy from C$33.00 to C$36.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Finally, BMO Capital Markets cut their price target on shares of Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating for the company in a report on Friday, February 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of C$35.33.

Cenovus Energy Price Performance

TSE CVE traded down C$0.52 during trading on Tuesday, reaching C$36.51. 6,885,746 shares of the company traded hands, compared to its average volume of 10,186,706. Cenovus Energy has a 1-year low of C$14.48 and a 1-year high of C$38.50. The company has a market cap of C$68.61 billion, a price-to-earnings ratio of 16.98, a P/E/G ratio of 0.09 and a beta of 0.63. The stock’s 50 day moving average price is C$30.33 and its two-hundred day moving average price is C$26.30. The company has a debt-to-equity ratio of 53.80, a quick ratio of 1.00 and a current ratio of 1.57.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its earnings results on Thursday, February 19th. The company reported C$0.50 earnings per share (EPS) for the quarter. The business had revenue of C$10.88 billion during the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%. As a group, analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current year.

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, insider John F. Soini sold 10,275 shares of the business’s stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of C$35.13, for a total value of C$360,960.75. Following the completion of the transaction, the insider directly owned 2,114 shares of the company’s stock, valued at approximately C$74,264.82. The trade was a 82.94% decrease in their ownership of the stock. Corporate 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.